Home / Companies / Clean tech firm GIBSS raises funding from responsAbility, Infuse Ventures

Hyderabad: Green India Building Systems and Services Pvt. Ltd (GIBSS) has raised an undisclosed amount of venture capital funding from Zurich-based development sector-focused asset management firm, responsAbility Investments AG, and clean technology fund Infuse Ventures.

GIBSS provides geothermal cooling solutions to industrial, institutional and commercial buildings. It will use the money raised from the latest round to scale faster.

Its technology is used in 400 buildings including the Indian School of Business’s Mohali campus and offices of the RP-Sanjiv Goenka Group and Hotel Hindustan International Group, among others.

“GIBSS has been seeing great interest from the industrial and commercial sector for its geothermal cooling solutions and the current round will help it scale faster," Kunal Upadhyay, chief executive officer of Infuse Ventures, said in a statement. “Geothermal cooling could play a big role in smart cities projects and we believe the upcoming geothermal mission will be a great boost to this energy efficient and environment-friendly replacement for traditional air-conditioning."

GIBSS’ technology sucks out heat from inside buildings and transfers it to the earth. Because temperature under the earth’s surface is much lower than the air outside, buildings cool faster, resulting in lesser pressure on traditional air conditioning systems. This reduces operating costs by 50-60% besides a “significant" reduction in carbon emissions and chlorofluorocarbons, the company claims.

“Globally, geothermal technology has been a huge success with millions of installations worldwide," Rik Vyverman, global head of ventures equity at responsAbility said. responsAbility has $2.7 billion of assets under management and has invested in 530 companies in 90 countries including Punjab Renewable Energy Systems and Sresta Natural Bioproducts in India.

Founded by Arun Shenoy and Mandar Kaprekar in 2010, GIBSS was incubated at Indian School Business but is now headquartered in Mumbai with offices in Delhi, Bengaluru, Hyderabad and Singapore. It earlier received seed funding from Sashi Reddi’s Sri Capital and Hyderabad Angels.

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