Recent Deals – 7 July

Looking for the latest information on cleantech deals? Find insight on recent innovation developments here.

Agriculture & Food 

Kitopi, a global cloud kitchen platform provider, secured $415 million in growth equity from SoftBank, Chimera, DisruptAD, B.Riley, Dogus Group, Next Play Capital and Nordstar. Kitopi partners with Food & Beverage companies and handles the operations of the cloud kitchen. The company has also developed a smart kitchen operating system that optimizes the use of a variety of appliances in real-time. The funding will support the on-going expansion within the Middle East and tap into other geographical markets such as Asia Pacific.  

Energy & Power 

Turntide Technologies, a smart electric motor systems developer, raised $225 million in growth equity from Canada Pension Plan Investment Board, Monashees Capital, JLL Spark, Breakthrough Energy Ventures and Suvretta Capital Management. The motor system offered encompasses a dynamic monitoring and predictive maintenance system that reduces HVAC and maintenance costs. Turntide aims to utilize these funds to develop cloud-based platform that will support the integration of its smart motor system in building and vehicle systems. 

Materials & Chemicals 

Fortera, a low-carbon cement supplement producer, raised $30 million in a Series B round from Khosla Ventures and Temasek Holdings. Fortera’s process captures carbon dioxide emitted directly from existing cement plants and combines it with calcined limestone to form reactive cement. The company is building its very first commercial plant, with product sales starting in the second-quarter next year.  

Resources & Environment 

Recycle Track Systems (RTS), a software developer of real-time waste analytics to optimise waste collection and recycling management, raised $35 million in growth equity from Citi Impact Fund, Edison Partners, Cue Ball Capital, Green Spring Associates and Gaingels MyCo. RTS’s solution offers customers visibility into the journey their waste makes and works to divert valuable materials away from landfills. RTS will use the funding to further develop its materials management and zero-waste programs promoting sustainable waste collection and processing.  

Transportation & Logistics 

WeRide, developer of autonomous driving technology, raised $310 million in growth equity from Alliance Ventures, China Structural Reform Fund and Pro Capital. The full stack software and hardware solutions offers visibility accurate to within 1 cm, and uses a combination of LiDAR, camera and satellite navigation system for real-time localization and obstacle detection. The company is now valued at $3.3 billion. 

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