This Startup Helps McDonald's And Starbucks Cut Down On Food Waste And Energy Use. Here's The 12slide Pitch Deck Therma Used To Raise $19 Million.

• Therma helps restaurants like McDonald's reduce food and energy through refrigerator management.
• This startup turns "dumb" refrigerators and freezers into smart temperature automation devices.
• See how he raised $19 million from New York firm Zero Infinity Partners.

The startup, which helps restaurants like McDonalds and Starbucks save on food and energy costs, just raised $19 million in a Series A round.

Founded in 2019, San Francisco-based company Therma uses IoT devices to turn refrigerators and freezers into smart devices where temperature control can be automated. The company's technology can also monitor for any problems that could lead to food waste, which can be as simple as leaving a door open for an extended period of time.

Therma has created an AI platform that uses data from sensors that can be connected to existing equipment to monitor energy usage and optimize off-peak operations. According to Therma founder and CEO Manik Suri, a refrigerator can "recharge" to cooler temperatures at night when energy is cheap and turn on during the day because it can maintain the temperature.

"You can take advantage of the fact that the refrigerator or freezer can store energy like a cold product," she says.

Suri, a former Obama administration policy adviser, and co-founder Aaron Cohen, a serial entrepreneur and New York University professor, leapt into action after seeing reports from The Retirement Project. Carbon Nonprofits rank as the number one most effective solution to climate change and food waste reduction, as they eliminate or reduce carbon dioxide emissions or equivalent, and Refrigerant Management ranks fourth place.

According to the World Economic Forum, heating and cooling account for 15% of global emissions. Meanwhile, according to the WWF, food waste contributes 10%.

The Therma platform has parameters to ensure temperatures do not exceed food quality or safety requirements. For example, in areas prone to frequent power outages or extreme weather events, Therma will warn customers of the risk of food spoilage if it is not moved.

By taking a more proactive approach to energy use, the company hopes to turn refrigeration into a "virtual powerhouse" by reducing energy bills and food waste. Energy optimization, the company's current focus, is moving to where usage is economical and when the grid runs on renewable energy rather than fossil fuels.

The company is already applying its technology to air conditioners but plans to extend it to heating control as part of its long-term plans.

Part of the new capital will be used for marketing and customer acquisition, up from the current 65 employees.

“There are 90 billion commercial refrigerators in the world. Today we have 15,000, so it's just the beginning," Suri said.

It currently focuses on the US market, but has interests in "all regions of the world." Therma's customers include brands such as McDonalds, Starbucks and Taco Bell.

The round was led by New York-based Zero Infinity Partners, with participation from Deciens Capital, CityRock Venture Partners, Homecoming Capital, Ananta Capital, Kindergarten Ventures, Collaborative Fund and Govtech Fund. According to Suri, the subscription was oversubscribed, with $15 million originally being allocated.

This brings Therma's total funding to approximately $32 million.

See the 12 edited slides below.

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