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- Turntide Technologies
Turntide Technologies Valuation, Funding & Investors
Turntide Technologies is valued at $1B as of June 2022.
Last Turntide Technologies valuation
$1B
Undisclosed stage · Jun 2022
Last Turntide Technologies funding round
$80M
Undisclosed stage · Jun 2022
Cumulative funding Turntide Technologies raised
$491M
across 8 funding rounds
Key investors in Turntide Technologies
Breakthrough Energy Ventures
JLL Spark
Climate Pledge Fund
CPP Investments
Fifth Wall
BMW i Ventures
About Turntide Technologies
Turntide Technologies is a developer of high-efficiency switched reluctance motors and cloud-managed systems for buildings, agriculture, and electric vehicles. Headquartered in Sunnyvale, California, since its founding in 2018, the company targets the replacement of inefficient legacy motors responsible for significant global electricity waste. Its products include the SR motor line, deployed in HVAC systems and pumps worldwide.
Founded
2013
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$1B (Jun 2022)
Turntide Technologies Valuation
Turntide Technologies is currently valued at $1B, based on its undisclosed-stage round in June 2022.
The $80M round was led by Climate Investment, with participation from JLL Spark, Meson Capital, Breakthrough Energy Ventures, Keyframe Capital Partners, FootPrint Coalition and 6 other investors.
Turntide Technologies' valuation has grown 11x from $88M at its Series A in June 2019 to $1B in June 2022, across 2 priced rounds.
Turntide Technologies valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jun 2022 | Undisclosed stage | $1B |
| Jun 2019 | Series A | $88M |
Turntide Technologies Funding History
Turntide Technologies has raised a total of $491M across 8 funding rounds.
Turntide Technologies' first fundraising round was a $3M seed round in January 2014. The most recent completed round was a $80M undisclosed-stage round in June 2022.
Turntide Technologies funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2022 | Undisclosed stage | Climate Investment (lead); JLL Spark; Meson Capital; Breakthrough Energy Ventures; Keyframe Capital Partners; FootPrint Coalition; CPP Investments; Big Sky Partners; Fifth Wall; BMW i Ventures; Climate Pledge Fund; Sdcl Energy Efficiency Income Trust | $80M | $1B | Turntide Technologies is a developer of breakthrough electrification and sustainable operations technologies focused on decarbonizing energy-intensive industries. The company specializes in energy-efficient switched reluctance motor technology combined with software control and programmable IoT controls to optimize energy costs for space conditioning, refrigeration, building operations, agriculture, equipment, and commercial and industrial vehicles. In June 2022, Turntide announced a $80 million Series D funding round that valued the company at over $1 billion, achieving unicorn status. The round included new investments from OGCI Climate Investments and SDCL Energy Efficiency Income Trust, with follow-on investments from Fifth Wall and Meson Capital's Captain Planet LP fund. The total capital raised by the company across all rounds reached $485 million, with backing from a global coalition of climate-focused investors including Amazon Climate Pledge Fund, JLL, BMW i Ventures, Breakthrough Energy Ventures, Canada Pension Plan Investment Board, Robert Downey Jr.'s FootPrint Coalition, and Keyframe Capital. CEO Ryan Morris stated that market demand for Turntide's sustainability solutions remained strong despite global economic uncertainty, and the capital was to be deployed to accelerate efforts to decarbonize the world's most energy-intensive industries. |
| Jun 2021 | Undisclosed stage | CPP Investments (lead); JLL Spark; Breakthrough Energy Ventures; Suvretta Capital Management; Monashee Investment Management; Captain Planet LP | $225M | - | Turntide Technologies, developer of the Smart Motor System, completed a $225 million convertible note financing on June 30, 2021, led by CPP Investments with participation from Monashee Investment Management, JLL Spark, Breakthrough Energy Ventures, Captain Planet LP, and Suvretta Capital Management. This round brought the company's total funding to $400 million at that time. CPP Investments invested US$50 million in the U.S.-based electric motor company focused on more efficient motor architecture. The financing aimed to accelerate commercialization, expand the customer base, and enhance energy efficiency software and hardware offerings, supporting Turntide's programmable IoT controls for space conditioning and refrigeration that integrate with building systems for maintenance savings. Wilson Sonsini Goodrich & Rosati represented Turntide in the transaction. |
| Mar 2021 | Undisclosed stage | Breakthrough Energy Ventures (lead); Keyframe Capital Partners; FootPrint Coalition; Fifth Wall; Captain Planet LP; Climate Pledge Fund | $80M | - | Turntide Technologies, headquartered in Sunnyvale, California, develops the Smart Motor System based on switched reluctance motor (SRM) technology, which reduces energy consumption by up to 64% compared to conventional AC induction motors used in HVAC systems and other applications. The company targets electrification and sustainable operations in buildings, agriculture, equipment, and vehicles, with customers including Amazon, BMW, Five Guys, Sprouts, and JLL. On March 3, 2021, Turntide completed an $80 million equity funding round led by Breakthrough Energy Ventures, with participation from FootPrint Coalition Ventures (Robert Downey Jr.), Amazon Climate Pledge Fund, Fifth Wall Climate Technology Fund, Keyframe Capital Partners, and Captain Planet LP, bringing total funding to $180 million. Proceeds from the round were allocated to expand development and production of the Smart Motor System, accelerate deployment of Riptide (a cloud-based building automation software platform recently acquired), and extend the Building Operation System (BOS) platform to office buildings, retail, schools, and more. The SRM motors are noted for being more reliable, efficient, intelligent, and lower cost than traditional alternatives, with IoT integration for optimal efficiency and maintenance savings. Breakthrough Energy Ventures highlighted the broad market impact and innovation in efficiency and cost reduction. A subsequent $80 million round on June 15, 2022, with different leads like OGCI Climate Investments and SDCL Energy Efficiency Income Trust (including follow-on from Fifth Wall and Captain Planet LP), valued Turntide at over $1 billion, achieving unicorn status and bringing total funding to around $485 million. Cumulative funding across rounds reached approximately $535 million by mid-2022, with earlier rounds including a $225 million Series C in June 2021 led by CPP Investments and others. |
| Sep 2020 | Series B | Climate Pledge Fund (lead); WIND Ventures; Tony Fadell; Open Field Capital | $33M | - | Turntide Technologies develops the Smart Motor System, described as the world's first sustainable electric motor with digital DNA, designed to replace traditional motors invented in 1888 by Nikola Tesla. The motors optimize efficiency and control to reduce electricity consumption by an average of 64%, without using expensive materials or rare earth minerals, targeting applications in commercial HVAC retrofits, buildings, agriculture, equipment, and vehicles to cut energy waste and carbon emissions. Electric motors consume half the world's electricity, making this technology a key step toward decarbonization. In September 2020, Turntide announced a $33 million funding round including support from the Amazon Climate Pledge Fund, bringing total capital raised since its 2013 founding to $103 million. This followed a $25 million Series B in January led by BMW i Ventures. Investors in prior rounds included BoxGroup, Equal Ventures, Keyframe Capital, and others. Amazon is piloting the motors in its buildings, demonstrating significant electricity usage reductions. The funding aims to expand product lines, deliver new features, hire engineers, and scale deployment in the $130 billion HVAC retrofit market by 2024. Later rounds include an $80M raise in 2021 led by Breakthrough Energy Ventures (total funding to $180M) and another $80M Series C in June 2022 valuing the company over $1 billion (unicorn status, total to ~$488M), with follow-on from Climate Pledge Fund and others like OGCI Climate Investments. |
| Jan 2020 | Series B | BMW i Ventures (lead) | $25M | - | Turntide Technologies develops intelligent motor systems using switched reluctance motor (SRM) technology to reduce energy consumption in HVAC and refrigeration applications, integrating with IoT controls for building optimization. The company has attracted investments from BMW i Ventures among others, focusing on sustainability and energy efficiency. BMW i Ventures, the corporate venture arm of BMW Group, invests in sustainable mobility, clean energy, and industrial tech, listing Turntide as a notable portfolio company. Total funding across rounds exceeds $500M, with later valuations reaching $1B in 2022. |
| Jun 2019 | Series A | JLL Spark (lead); Meson Capital (lead); Bradley Horowitz | $31M | $88M | Turntide Technologies, founded in 2013 and headquartered in Sunnyvale, CA, develops energy-efficient manufacturing equipment and software to reduce carbon emissions in high-energy sectors like transportation, agriculture, and buildings. Key products include the Smart Motor System and Turntide Intelligent Barn. Originally named Software Motor Company, it was established by Piyush Desai, Mark Johnston, and Trevor Creary. Turntide focuses on HVAC retrofits and efficient motors claiming 25-50% energy savings. In June 2019, Turntide raised $32.63 million in its Series A-2 round, bringing total funding to $49.85 million at a post-money valuation of $88.19 million. Key investors were JLL Spark and Meson Capital, matching the specified round details around June 25, 2019. This followed earlier rounds including October 2017 Series A-1 ($16.47 million at $49 million post-money) and December 2014 Series A ($750K at $2.5 million post-money). The company has since scaled significantly, with later rounds like June 2022 Series C raising $296.47 million at $1.6 billion valuation from investors including OGCI Climate Investments, SDCL Energy Efficiency Income Trust, and Fifth Wall. Total funding exceeds $485 million across multiple rounds. Investors also include Breakthrough Energy Ventures, Amazon Climate Pledge Fund, BMW iVentures, and others. |
| Sep 2017 | Series A | - | $13M | - | Turntide Technologies raised a $25 million Series B round in January 2017 led by BMW i Ventures. The company develops smart motor systems aimed at replacing traditional motors to improve energy efficiency, with initial applications in commercial HVAC retrofits. By later stages, Turntide had secured customers among Fortune 500 companies with large multisite facilities, such as JLL, an investor. |
| Jan 2014 | Seed | - | $3M | - | - |
Who has invested in Turntide Technologies?
19 investors have backed Turntide Technologies across its funding rounds, including Breakthrough Energy Ventures, JLL Spark, Climate Pledge Fund, CPP Investments, Fifth Wall and BMW i Ventures.
Lead investors include Climate Investment, CPP Investments, Breakthrough Energy Ventures, Climate Pledge Fund, BMW i Ventures and 2 other investors.
Turntide Technologies Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Jun 2019 | ||
| 3 | Lead | Mar 2021 | ||
| 3 | Lead | Sep 2020 | ||
| 2 | Lead | Jun 2019 | ||
| 2 | Participant | Mar 2021 | ||
| 2 | Participant | Mar 2021 | ||
| 2 | Lead | Jun 2021 | ||
| 2 | Participant | Mar 2021 | ||
| 2 | Lead | Jan 2020 | ||
| 2 | Participant | Mar 2021 | ||
| 1 | Lead | Jun 2022 | ||
| 1 | Participant | Jun 2019 | ||
| 1 | Participant | Sep 2020 | ||
This data is available for Pro users. Sign up to see all 19 Turntide Technologies investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Turntide Technologies
Turntide Technologies has acquired 4 companies to date.
Last acquisition by Turntide Technologies was on November 8th 2022. Turntide Technologies acquired Royal De Boer for $9M.
Latest Acquisitions by Turntide Technologies
| Description | Royal De Boer is a fabricator of stainless steel barn equipment for livestock housing. Netherlands-headquartered since 1932, the company builds ventilation systems, feeding troughs, and slatted floors for dairy and pig farms. Its De Boer Goldline gates feature hydraulic adjustments for 1,000-head herds. Royal exports modular stable components to farms in Germany and Scandinavia. | Avid Technology Group is a Coventry-based manufacturer of electrified ancillary systems and thermal management solutions for heavy-duty electric and hybrid vehicles. The company supplies integrated pumps, fans, and lubrication systems to enhance powertrain efficiency for manufacturers like Volvo Trucks and Daimler Trucks. Founded in 1996, Avid supports projects from prototype development to high-volume production, serving a global customer base that includes tier-one suppliers and fleet operators in Europe, North America, and Asia. | Hyperdrive Innovation is a UK engineering company specializing in power electronics for electric vehicles and renewable energy systems. It develops silicon carbide inverters and chargers capable of 99% efficiency, powering applications from home batteries to commercial fleets. Based in Milton Park, the firm supplies components to major EV manufacturers and has secured partnerships with Siemens for grid-scale energy storage. | Riptide IO is a Santa Barbara-headquartered IoT data management company founded in 2012 that integrates and analyzes device data for building automation and energy projects. The platform serves large enterprises worldwide with connectivity solutions for sensors and controls in commercial real estate. |
| HQ Country | ||||
| HQ City | Leeuwarden | Newcastle upon Tyne | Newcastle upon Tyne | Santa Barbara, CA |
| Deal Date | 8 Nov 2022 | 30 Jun 2021 | 8 Jun 2021 | 1 Mar 2021 |
| Valuation | $9M | undisclosed | undisclosed | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
This data is available for Pro users. Sign up to see all Turntide Technologies acquisitions and their M&A valuation multiples. Start Free Trial | ||||
Investments by Turntide Technologies
Turntide Technologies has invested in 3 companies to date.
Latest investment by Turntide Technologies was on March 28th 2022. Turntide Technologies invested in David Energy in their $21M Series A round.
Latest Investments by Turntide Technologies
| Description | David Energy is a retail electricity supplier serving commercial customers in deregulated markets including New York, New Jersey, Illinois, and Maryland. Headquartered in Brooklyn, the company deploys software platforms and hardware devices to monitor usage, automate demand response, and enable participation in wholesale energy markets. David Energy supports renewable energy procurement and portfolio optimization for businesses seeking cost savings and sustainability. | CattleEye is a Belfast-headquartered AI platform using thermal imaging cameras to monitor dairy cow health and welfare on farms in the UK and Ireland. Founded in 2018, it mounts sensors above walkways to score body condition, detect lameness, and track calving via computer vision, integrating with DeLaval and Fullwood milking systems. Deployments on 100 farms analyze 500,000 cows annually, cutting vet visits by early alerts. | SaaS Sustainability Corp. is a Canadian developer of wireless energy management solutions including EnviroGrid swarm-logic controllers. These devices coordinate electrical loads such as heaters, fans, compressors, chillers, pumps, and humidifiers in commercial, industrial, institutional, and multi-unit residential buildings across Canada and the United States. The systems optimize demand reduction for new constructions and retrofits. |
| HQ Country | |||
| HQ City | New York City, NY | Belfast | Toronto |
| Deal Date | 28 Mar 2022 | 14 Sep 2021 | 11 May 2021 |
| Round | Series A | Seed | Series A |
| Raised | $21M | $2M | $8M |
| Investors | Equal Ventures; Junction Venture Partners; BoxGroup; Union Square Ventures; Keyframe Capital Partners; Toba Capital; MCJ; James Dice | Techstart Ventures; Seventure Partners | Sorfina Capital; Cycle Capital; EnerTech Capital; Prelude Ventures; Active Impact Investments; NGEN Partners |
| Valuation | undisclosed | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all Turntide Technologies investments and their VC round multiples. Start Free Trial | |||
Turntide Technologies Competitors
Turntide Technologies competitors include listed companies like Canadian Solar, Shoals, Array Technologies and JinkoSolar, and private ones like Electric Hydrogen and Palmetto.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $5.6B | $546M | $798M | 1.5x | ||
| Publicly listed | $475M | $72M | $1.3B | 2.6x | ||
| Publicly listed | $1.3B | $34M | $650M | 1.1x | ||
| Publicly listed | $9.8B | ($44M) | $564M | 0.6x | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - |
Turntide Technologies Public Comps
Turntide Technologies is still privately-owned, but its public comps include SEER Robotics, Extreme Vision, Al-Babtain Power & Telecom, Henan Yicheng New Energy, SP New Energy, Power Solutions International, Forum Energy Technologies, ITM Power, Ceres Power Holdings and Nano Nuclear Energy.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $66M | ($6M) | 13.2x | - | (156.2x) | - | |||
| $44M | ($6M) | 22.8x | 11.6x | (163.7x) | - | |||
| $762M | $162M | 1.5x | 1.4x | 7.0x | 6.0x | |||
| $527M | ($30M) | 3.0x | - | (53.0x) | - | |||
| $25M | ($46M) | 103.1x | - | (55.4x) | - | |||
| $722M | $115M | 1.5x | 1.6x | 9.7x | 10.5x | |||
| $791M | $69M | 1.4x | 1.3x | 16.6x | 10.3x | |||
| $35M | ($63M) | 19.7x | 11.3x | (10.9x) | (20.2x) | |||
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Common questions about Turntide Technologies
| When was Turntide Technologies founded? | Turntide Technologies was founded in 2013. |
| Where is Turntide Technologies headquartered? | Turntide Technologies is headquartered in San Francisco, CA, United States. |
| Is Turntide Technologies publicly listed? | No, Turntide Technologies is a private, VC-backed company. |
| What is Turntide Technologies' valuation? | Turntide Technologies was last valued at $1B in its undisclosed-stage round in June 2022. |
| How much funding has Turntide Technologies raised? | Turntide Technologies has raised $491M across 8 funding rounds. |
| What was Turntide Technologies' last funding round? | Turntide Technologies' last funding round was a $80M undisclosed-stage round in June 2022, led by Climate Investment. |
| Who are Turntide Technologies' investors? | Turntide Technologies' investors include JLL Spark, Breakthrough Energy Ventures, Climate Pledge Fund, Meson Capital, Keyframe Capital Partners, FootPrint Coalition, CPP Investments, Fifth Wall, BMW i Ventures, Captain Planet LP and 9 others. |
| Which companies are comparable to Turntide Technologies? | Companies comparable to Turntide Technologies include Canadian Solar, Shoals, Array Technologies, JinkoSolar, Electric Hydrogen and Palmetto. |
| How many companies has Turntide Technologies acquired? | Turntide Technologies has acquired 4 companies, including Royal De Boer, Avid Technology Group, Hyperdrive Innovation and Riptide IO. |
| What was the largest acquisition by Turntide Technologies? | The $9M acquisition of Royal De Boer in November 2022 is the largest acquisition Turntide Technologies has made to date. |
| How many companies has Turntide Technologies invested in? | Turntide Technologies has invested in 3 companies, including David Energy, CattleEye and SaaS Sustainability Corp.. |
| What was Turntide Technologies' last investment? | In March 2022, Turntide Technologies invested in David Energy's $21M Series A alongside Equal Ventures, Junction Venture Partners, BoxGroup and 5 other investors. |
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