Siri Ventures invested in a wind power startup

Siri Ventures Co., Ltd., a joint venture between Sansiri and Siam Commercial Bank to do research and investment in Prop Tech, reveals that it plans to invest 15 million baht in Semtive, a startup who develop Wind Turbine technology.

It expects that the new technology will create positive experience about renewable energy for residents in its real estate projects.

Mr. Jirapat Janjerdsak, Chief Technology Officer of Siri Ventures, said the ‘Wind Turbine’ is an innovation in wind power technology. Semtive is a leading US-based startup which develop the wind turbine for residential project. Siri Ventures decides to invest in Semtive as it sees that the startup aims to change the attitude of the global population that clean energy can be used in daily life at affordable price.

Semtive is the developer of the technology that can change wind power into electric power without having to rely on strong wind. It can be used in limited areas in the city such as on the roof of a house or condominium. Currently, Sansiri is in the process of installing wind speed sensor in its real estate projects to see which project is suitable for the innovation technology. It expects to have a pilot project in Sansiri real estate within Q3 of this year.

The strong point of Wind Turbine technology is that it works on blockchain. The equipment will have inverter in which equipped with blockchain. With this technology, in the future, people can be able to produce electricity for use in the household or for commercial purpose.

Mr Jirapat explained, ‘Let’s take it this way. Suppose there are ten households in the same area which install this equipment. Today, I want to wash the clothes but the power in my house in not enough, and my neighbor next door is not at home, so nobody is using electricity. The system will then take electricity from the neighbor for me to use and blockchain will record into the system the amount of electricity that I use. In the event, the neighbor is back home but I have to go out. Then, the system will take electricity from my house to the neighbor’ house or other houses. The system will automatically record the electricity usage. At the end of the month, it will calculate the electricity bill according to usage and we may make payment via crypto currency.”

As for usage, Siri Ventures revealed that the technology will help reduce the expense. But further than that, Sansiri residents will get positive experience about renewable energy. Currently, it is eying to install this technology in some of its housing projects such as Kanasiri project at Rama II. As for high-rise condominium project, the innovation can be used to help residents control electricity use, reduce expense and promote the sharing use of electricity within the community. It plans to install this technology in more real estate projects in the future.

In overseas, blockchain has been widely used in Prop Tech industry. For example, in Sweden, they already place title deed in the blockchain system while in the US, the property trade is also done via blockchain and the value of house is calculated into crypto currency.

“Another interesting thing is Asset Tokenization. It enables people with small amount of investment to invest in a housing unit at the portion that they want. For example, they can invest in one house for 3,000 dollars and another one for 2,000 dollars. When there is anyone rent the house, the person will get the shares according to their portion of investment. This actually exists in the way they do businesses but the process is quite complicated. But now it can easily be done through website – blockchain.” Mr. Jirapat said.

Mr. Jirapat Janjerdsak,

Chief Technology Officer of Siri Ventures