- Autonomous building technology company BrainBox AI announced it has raised $12 million in funding
Autonomous building technology company BrainBox AI announced it has raised $12 million in funding to further deploy its artificial intelligence technology for buildings across North America and abroad. And the oversubscribed round is comprised of domestic and international investors (new and existing), including Esplanade Ventures as lead investor and Desjardins Capital.
BrainBox AI offers a unique technology combining deep learning, cloud-based computing, and autonomous decision making to support a 24/7 self-operating building. And BrainBox AI’s solution enables the HVAC (Heating, Ventilation and Air Conditioning) system in a building to operate autonomously in real-time, generating up to a 25% reduction in total energy costs, a 20-40% reduction in carbon footprint and a 60% increase in occupant comfort.
On the heels of a potential recession for many countries due to the COVID-19 pandemic, the inflection point for BrainBox AI comes at a time of growing interest in scalable technologies that can meaningfully decrease energy costs for real estate owners while addressing mounting public concern for greenhouse gas (GHG) emissions.
In the 11 months since launching to market in May 2019, BrainBox AI has installed its self-learning technology in over 15 million square feet of commercial properties, across 15 cities on 3 continents. And the company has gained significant traction in its home market of Canada, and the recent raise will enable rapid expansion in both existing and new markets.
Key Quotes:
“BrainBox AI’s truly autonomous solution is re-defining how we manage energy in buildings thanks to cutting-edge artificial intelligence technology. As a company we are driven by the opportunity to tackle climate change, one of the world’s critical challenges, and are excited to be working with investors who share the same vision.”
-Sam Ramadori, Chief Business Development Officer at BrainBox AI
“We are excited to be a part of the team bringing BrainBox AI’s energy-saving solutions to market. The building operators we spoke with were thrilled with the significant cost savings, which required no capex and minimal disruption to achieve.”
-Jeffrey Kadanoff, Managing Director of lead investor Esplanade Ventures
“Desjardins Capital is proud to be a part of BrainBox AI’s growth. It’s impressive to see a Montreal start-up with an international vision for tackling a global issue like climate change. The way they’re using AI to efficiently manage energy use in buildings could be a game-changer in a huge market.”
-Luc Ménard, Chief Operating Officer of Desjardins Capital
