SUNNYVALE — Turntide Technologies, the company responsible for the Smart Motor System and the Optimal Efficiency Motor with digital DNA, announced the completion of an $80 million funding round, bringing the company’s total funding to date to $180 million. The round was led by Breakthrough Energy Ventures and includes investments from Robert Downey Jr.’s FootPrint Coalition Ventures, the Amazon Climate Pledge Fund, Keyframe Capital, Fifth Wall’s Climate Technology Fund and Captain Planet LP.
The electric motors powering the world today account for half of global electricity consumption – more than lighting, heating, and electronics combined. As our climate changes and economy grows, the global demand for electric motors will continue to rise. With this new funding, Turntide plans to expand development and production of its Smart Motor System to meet growing demand and extend it into new applications.
“Our investors recognize the critical role that technology will play in our fight against climate change. To curb the carbon emissions driving this crisis, we all need to change the way that we use energy. That starts with modernizing the technology that is currently powering our world,” said Turntide’s CEO and Chairman, Ryan Morris. “With the support from our investors, Turntide will increase production of our Smart Motor System and ramp up motor retrofitting to provide cost-effective and energy-efficient motors to businesses around the world.”
Turntide’s Smart Motor System is designed around its revolutionary switched reluctance motor (SRM) technology. SRMs have been used for decades in environments that demand 100% dependability. But recent advances in supporting technologies have permitted Turntide to develop a patented, cloud-connected SRM that can power anything, using a fraction of the energy of the legacy AC induction motors in 98% of the world’s machines.
Funding will also be used to accelerate deployment and advance development of Riptide, a cloud-based building automation software platform that Turntide recently agreed to acquire. Turntide plans to expand further into building automation by improving and extending the company’s Building Operation System (“BOS”) platform to office buildings, retail locations, schools, and more.
Last month at the World Economic Forum (Davos), Robert Downey Jr. announced the launch of FootPrint Coalition Ventures as a rolling fund on the AngelList platform, with a mission to accelerate groundbreaking sustainable technologies through both investment and a unique content strategy that aims to turn complex subjects into culture-defining content. “Turntide’s technology and approach to restoring our planet will directly reduce energy consumption,” said Steve Levin, co-founder of FootPrint Coalition Ventures. “We are interested in supporting companies with innovative and sustainability-focused ideas like Turntide’s Smart Motor System. This technology has the potential to improve the planet in a meaningful way, and we look forward to supporting their efforts.”
Companies including Amazon, BMW, Five Guys, Sprouts, and JLL have retrofitted old motors with the Smart Motor System, reducing their HVAC motor energy consumption by 64% on average. Turntide also works with Pacific Energy Concepts, providing their Smart Motor System for HVAC solutions.