EnergyX, a Seoul-based startup, that “enables zero-energy building,” from architectural design to completion has secured $20.3 million in Series B funding at a valuation of $120 million.
The round was led by Shinhan Asset Management, bringing the startup’s total funding to about $31.5 million.
As the world takes steps to reduce emissions in the construction sector by pushing building renovation and enforcing ZEB requirements for new construction by 2030, EnergyX is developing energy-efficient building technology that will reduce global greenhouse gas emissions associated with construction.
The startup is also working on energy conservation and solar technology, including BIPV (Building Integrated Photovoltaic) for power generation, HVAC (Heating, Ventilation and Air Conditioning) for energy conservation, and BEMS (Building Energy Management Systems) for this energy management.
Its client portfolio includes large conglomerates that want to retrofit their buildings in South Korea, like Hyundai, Naver and Lotte, according to TechCrunch. EnergyX’s users include building owners, construction companies and architects.
Since its inception in 2019, the startup says it has bagged 573 deals, which it estimates are worth 1.6 trillion won ($1.3 billion) in terms of the construction cost for sustainable architecture. EnergyX said that the funds will help expand its market and energy efficiency technology, grow its workforce from 86 to 114 this year and launch in Japan in February.