Envision Digital, a Singapore-based green tech firm, announced on Tuesday that it has finished round-A financing totaling $210 million, led by Sequoia China and backed by Singaporean sovereign wealth fund GIC.
Funds from the round will be used for the firm’s global expansion, exploration of new strategic partners, and the realization of its long-term zero emission target.
Founded in 2014, Envision Digital is engaged in low-carbon and AloT technology under Envision Group. Envision Digital said its proprietary tech operating system connects and manages more than 200 million smart devices and 400 gigawatts of energy assets globally. The system can monitor and manage energy consumption during the production of renewable energy and the operation of equipment, thus reducing carbon footprints. At present, the system has become the world’s largest intelligent internet-of-things platform in the field of new energy.
Envision Digital recently reached a cooperation agreement with solar energy developer Lightsource bp and consulting firm Mott MacDonald to help Lightsource achieve its net-zero emission goal.
In addition, Envision Digital will implement the strategy of “Global Zero Emission Technology Partner” formulated by Envision Group. On Earth Day last year, Zhang Lei, the founder and CEO of Envision Group, announced the company’s plan to achieve carbon neutrality within the firm by the end of 2022, and to achieve carbon neutrality in the whole value chain by the end of 2028.
In April this year, Envision Group released its 2022 Carbon Neutrality Action Report, which means it became the first enterprise in China to set a long-term net zero emission reduction target, and further defined a path to realize it.
Sequoia China’s investment in Envision Digital can be traced back to April 2019. As the first institutional investor of Envision Group, the two sides reached a strategic partnership at an early stage. In March 2021, both parties jointly established a carbon neutrality technology fund worth 10 billion yuan ($1.49 billion) to invest in global technology companies in the field of carbon neutrality.