VC Fund Investments
Thermal energy solutions provider Promethean raises $2-M led by Transition VC
Entrepreneur Promethean Energy
Mumbai-based cleantech startup Promethean Energy has raised USD 2 million in its pre-Series A round led by Transition VC. The round also saw participation from Sangam Venture, Sagana Capital, and Fondation Botnar.The new funds will be used to expand the firm’s product line, build AI-based energy optimisation tools and grow its presence in India and Southeast Asia.Founded in 2014 by Rajat Agarwal and Ashwin Krishna, Promethean Energy develops industrial-grade heat pump and waste heat recovery systems to replace fossil-fuel-based heating and caters to chemicals, textiles, FMCG and steel sectors.
In Dec 2016, Promethean Energy had attracted about USD 0.34 M from Sangam Ventures.For FY24, Promethean Energy had reported about INR 14 Cr in Operating Income and about INR 1.74 Cr in PAT.
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