US-based electric motor technology producer Turntide Technologies has raised $80m in a round backed by e-commerce and cloud computing group Amazon’s Climate Pledge Fund.
Breakthrough Energy Ventures led the round with participation from Fifth Wall’s Climate Technology Fund, FootPrint Coalition Ventures, Keyframe Capital and Captain Planet.
Turntide, which previously operated as Software Motor Company, produces electric motors based on switched reluctance technology, which it claims are more cost-effective and energy-efficient than traditional alternating current induction motors.
The funding will expand the development and production of Turntide’s smart motor technology and allow the company to explore new applications for its products.
The capital will also enable the company to speed up the development and deployment of Riptide, a building automation software platform that Turntide agreed to acquire earlier this month.
Turntide has now raised $180m of funding since it was founded in 2013.
Amazon Climate Pledge Fund joined individual investor Tony Fadell in a $33m round for Turntide in September 2020, eight months after BMW i Ventures, the corporate venturing arm of car manufacturer BMW, and undisclosed investors backed a $25m round for the company.
Turntide raised $31.4m in a series A-2 round in mid-2019 featuring JLL Spark, an investment subsidiary of real estate manager JLL, Meson Capital and undisclosed strategic investors.
Turntide said Wind Ventures, a corporate venturing unit of oil and gas producer Copec, and VC firm Future Shape are also existing investors.