Turntide Technologies, a Sunnyvale CA-based provider of sustainability technologies, raised $225M in convertible note financing.
The round, which brought total funding to $400m, was led by Canada Pension Plan Investment Board with participation from Monashee Investment Management LLC, JLL Spark Breakthrough Energy Ventures, Captain Planet LP and Suvretta Capital Management LLC.
The company intends to use the funds to accelerate expansion into the electric vehicle industry and further develop its automation software.
Led by Ryan Morris, Chairman and CEO, Turntide Technologies provides sustainability technologies that drive down energy consumption and operating costs in buildings, agriculture, and electric transport, creating a path to 100% renewable energy and business sustainability.
The company will use the financing to support the development of new cloud-based technology due to be released this year for implementation throughout built environments and electric vehicles. The technology will integrate its Smart Motor System with intelligent automation and insights to improve customer experience, employee satisfaction and reduce maintenance costs across commercial and industrial markets. The proceeds also further the growth and development of its transport line of business for commercial and industrial electric vehicles, launched earlier this month.
Turntide is taking on modernizing legacy motor systems throughout the transportation industry by creating a one-stop powertrain offering that includes battery pack, power electronics, motor, and connected intelligence. This full stack solution provides for the electrification of a variety of vehicles in construction, aviation, marine, rail, robotics and other commercial transport applications.
Current customers include Amazon, JLL, Sprouts, and Five Guys, among others.
FinSMEs
17/07/2021