KUALA LUMPUR, April 26 (Bernama) -- Accacia has closed a US$6.5 million pre-Series A round led by Illuminate Financial, a specialist venture capital (VC) firm focused on enterprise fintech companies building solutions for the financial services industry. (US$1=RM4.77)
In a statement, Accacia said Southeast Asia based AC Ventures also participated in this round, alongside continued support from early backers Accel and B Capital.
“This funding comes at a crucial juncture as the Securities & Exchange Commission (SEC) and Singapore Exchange (SGX) have announced regulations on carbon emissions’ reporting, underscoring the urgent need for comprehensive and real-time climate risk data.
“We have already deployed our solution to over 25 metre square feet of real estate and are poised to leverage this opportunity and scale globally,” said Accacia Founder and Chief Executive Officer, Annu Talreja.
Meanwhile, Illuminate Financial Partner, Rezso Szabo said: “Measuring and managing climate risks has become imperative for large financial institutions especially on real estate which is one of the most significant and most affected asset classes in their portfolio.
“With Annu’s background and industry experience in real estate, we felt Acacia is the right fit to take on a leading position in the global real estate decarbonisation market and are pleased to partner with the Accacia team.”
Real estate and construction activity contribute to about 40 per cent of global greenhouse gas (GHG) emissions. The sector lacks robust tools to measure climate risks and define decarbonisation pathways.
Accacia’s tech platform integrates with existing Property Management, Energy Management and Procurement systems to automate real-time data capturing and tracking, making it the quickest and most affordable solution for real estate companies on their path to net zero.
Founded in 2022 by INSEAD alumni Talreja along co-founders Piyush Chitkara and Jagmohan Garg, Accacia offers an artificial intelligence (AI)-enabled Software as a Service (SaaS) platform that helps real estate asset managers, owners and developers track their emissions, and design their decarbonisation journey.
-- BERNAMA
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