New Delhi, April 22 AI-enabled real-estate decarbonisation platform Accacia on Monday said that it raised $6.5 million in a pre-Series A round led by VC firm Illuminate Financial.
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," Annu Talreja, Founder and CEO at Accacia, said in a statement.
Founded by INSEAD alumni Talreja and co-founders Piyush Chitkara and Jagmohan Garg in 2022, Accacia helps real estate asset managers, owners and developers track their emissions, and design their decarbonisation journey.
"With Annu’s background and industry experience in real estate, we felt Accacia 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," said Rezso Szabo, Partner at Illuminate Financial.
According to the company, decarbonisation of real estate is one of the biggest opportunities nowadays as a staggering $18 trillion of investment is required over the next decade to get the real estate industry to net zero.
"Given our deep interest in climate, we were confident that the sector demanded a custom solution designed for nuances of the real estate sector and loved what Accacia has built," said Helen Wong, Managing Partner at AC Ventures.
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