Singapore’s Ampotech raises S$1.77m in Pre-Series A to fund global expansion

Ampotech, a Singapore-based energy technology startup, has announced that it raised S$1,775,000 in Pre-Series A to fund its international expansion.

The company plans to open its first international office in the coming months in order to bring its solutions to new industry verticals, beyond its base in commercial real estate.

Earth Venture Capital (Earth VC), a global climate tech venture fund with Southeast Asia focus, led the recently concluded funding round that was also participated by KSL Maritime Ventures, the venture capital arm of The Kuok Maritime Group, and existing Ampotech investors like Silicon Solution Ventures and SEEDS Capital.

“Today, we are proud to back Ampotech. Their intellectual, dynamic and dedicated team shares our aspiration to help buildings become smarter, more sustainable and more positive for the Earth. Buildings are changing our lives for the better, but they also consume massive amounts of energy, which threatens our climate. To tackle that issue, we have Ampotech as the first of many tenacious and energetic climate warriors that we will support globally.” said Tien Nguyen, the Founding Partner of Earth VC.

Bernard Liew, Director of KSL Maritime Ventures said, KMV incubates and invests in high growth start-ups with purposeful and innovative solutions.

He said that he very impressed with Ampotech’s vision, capabilities and track record as he also looks forward to Ampotech delivering positive impact towards optimizing energy management in the maritime industry.

William Temple, Ampotech CEO and Co-Founder, said they always look for strategic investors that share their passion in energy and sustainability.

Earth Venture Capital and KSL Maritime Ventures are “ideal partners” for their ventures, he added.

Temple said that with the support and resources from Earth VC and KSL Maritime Ventures, they could already start with their expansion plans in Vietnam, and pursue energy management and sustainability opportunities within The Kuok Group’s real estate and marine businesses.

Ampotech, which is a spin-off from an A*STAR and University of Illinois research institute, also raised $1 in vestments during the seed funding round in 2019.

The capital allowed the company to introduce its artificial intelligence and internet of things enabled building energy management solutions to markets in Singapore and India.

At present, Ampotech counts leading energy companies such as Sunseap[1] as clients. In September, it also won the 2022 ASEAN Energy Award for its AI-driven energy audit and management technology, which it implemented in partnership with Keppel District Heating and Cooling Systems[2].