India's Accacia Secures $6.5 Million in Funding to Combat Climate Change

India's Accacia Secures $6.5 Million in Funding to Combat Climate Change

By Staff Writer, 24 April 2024

India-based Accacia has successfully raised $6.5 million in a pre-series A funding round in a significant stride towards combating climate change.

The funding was spearheaded by Illuminate Financial, a renowned global venture capital firm, alongside notable contributions from AC Ventures, Accel, and B Capital.

Established in 2022 by Annu Talreja, Piyush Chitkara, and Jagmohan Gaarg, Accacia is on a mission to tackle the substantial greenhouse gas (GHG) emissions prevalent in the real estate and construction industries, which collectively contribute to a staggering 40% of the global emissions total.

Central to Accacia's approach is the development of an AI-driven Software as a Service (SaaS) tool, designed to assist real estate managers, owners, and developers in effectively managing emissions and formulating robust decarbonization strategies.

Research from the Boston Consulting Group underscores the potential impact of AI in this context, suggesting that its adoption could lead to a reduction of 5% to 10% in overall emissions by 2030.

Moreover, it could generate significant economic value, with projections ranging from $1.3 trillion to $2.6 trillion through enhanced revenue streams and reduced operational costs.

Annu Talreja, CEO of Accacia, expressed optimism about the company's trajectory, stating, "We have already deployed our solution to over 25 million square feet of real estate and are poised to leverage this opportunity and scale globally."

Accacia's platform distinguishes itself through seamless integration with existing property management, energy management, and procurement systems.

This integration facilitates real-time data collection and tracking, empowering businesses with a swift and cost-effective pathway towards achieving net-zero emissions targets.

Source: Jofie Yordan / Tech in Africa

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