- Clockworks Analytics — the company behind Clockworks (the most widely utilized cloud-based building analytics platform in the world) — announced that it has raised $8 million in funding.
Clockworks Analytics — the company behind Clockworks (the most widely utilized cloud-based building analytics platform in the world) — announced that it has renamed itself Clockworks Analytics and the company also revealed an $8 million funding round. Including this round of funding, the company has raised about $13 million.
This round of funding was led by Carom Growth Partners and Evans Capital Management with participation of existing investor Schneider Electric. And Evan Kornack of Carom Growth Partners and Bruce Evans of Evans Capital Management have also joined the Clockworks Analytics board of directors.
Launched as KGS Buildings in 2008 within the Massachusetts Institute of Technology’s Building Technology Department, Clockworks Analytics is a highly sophisticated software platform that helps facility professionals and their service providers gain visibility into the biggest issues affecting building energy consumption, indoor air quality and equipment health. And in the decade since its founding, the company has rapidly gained market share (owing to its global analysis engine built on Microsoft Cloud), which ingests millions of data points and provides root cause analysis and automated measurement and verification.
With the technology deployed in 420 million square feet of property across every building type on 4 continents, Clockworks Analytics’ unique Fault Detection and Diagnostics system has consistently helped facilities teams reduce energy use, improve air quality and enhance the reliability of building equipment.
And in a largely analog facilities management sector flush with fledgling technology solutions, Clockworks Analytics distinguishes itself through the most comprehensive and accurate building diagnostics in the industry — which provide unprecedented visibility into performance issues for facilities teams and the mechanical and controls companies who service them. And in detecting issues and diagnosing their root causes, the technology helps building teams work in a more predictive manner: prioritizing the most pressing issues and performing maintenance activities that avoid equipment degradation and failure, thus dramatically reducing associated costs.
The issues flagged by Clockworks include those relating to indoor air quality. And with its dynamic monitoring of building systems, the software identifies equipment degradation that impacts humidity or ventilation — which experts believe lead to virus transmission — in real time. With the virus currently rampant in most areas across the country (identifying these issues in indoor air quality), which are present in some 5-10% of indoor spaces has become an extremely important public health objective.
While many organizations use Clockworks to drive energy and carbon reduction in pursuit of corporate goals, critical facilities such as laboratories and hospitals are also focused on predictive maintenance and risk mitigation. And mechanical and controls service organizations are partnering with Clockworks Analytics to offer data-driven service plans.
Clockworks provides constant visibility into the operational inefficiencies that those service companies are best positioned to address, leaving their customers with higher performing facilities and better performing ventilation systems that are more critical now than ever before. And Clockworks has achieved significant market penetration in the educational, medical and corporate real estate sectors, with clients including MIT, Harvard Business School, Amgen, Kaiser Permanente, HPE and Ericsson.
With this funding round, Clockworks Analytics intends to accelerate its product roadmap to further distinguish itself from competing building technologies. And the company plans to roll out a wide range of improvements in the coming months, including new business intelligence reporting. The team will also incorporate machine learning into the onboarding process to connect buildings to the Clockworks platform in an even more streamlined manner.
KEY QUOTES:
“Clockworks Analytics brings data to life, prioritizing the top issues affecting energy performance and indoor air quality across thousands of facilities every day. By transforming the building industry with real business intelligence, Clockworks arms facilities teams and service providers with the tools and insights for next-generation facilities management. We’re excited to partner with investors like Carom and Evans – partners who believe in the massive potential of the smart buildings industry and our competitive edge in enabling a new vision of analytics-driven services. This capital raise will allow us to further invest in our core product and scale our ability to serve more and more facilities professionals around the world.”
— Clockworks Analytics CEO Nick Gayeski
“We are always intrigued by companies with the opportunity to be disruptive in their industry and we believe strongly that the Clockworks Analytics’ platform will transform how facilities manage and measure their building performance. Nick and his team have built an amazing company and we are excited about our partnership together. By taking existing fault detection technologies to the next level, Clockworks is truly reshaping how buildings are monitored and maintained — not on a small level, but within thousands of buildings in 30 countries. With a cloud-based system that enables the team to be nimble in deploying the platform and upgrading protocols, Clockworks Analytics represents the rare scalable business model that can already boast significant market penetration.”
— Evan Kornack of Carom Growth Partners
