BrainBox AI Raises $24m in Series A Funding Round
Investment in the autonomous building tech company comes from Esplanade Ventures, Desjardins Capital and new lead investor, ABB.
BrainBox AI, an autonomous building technology company, has announced a $24m USD Series A funding round. The round was led by the lead investor, ABB, and investments from Esplanade Ventures and Desjardins Capital will help further deploy its AI technology in the built environment and develop its next phase of innovation.
BrainBox AI offers predictive and self-adaptive artificial intelligence to optimize buildings’ energy usage, carbon footprint, and operational efficiency. To date, BrainBox AI has transformed over 100 million ft2 of building space across five continents by providing real estate asset owners with a scalable tool to achieve their net-zero objectives. The technology is installed in both developed and developing nations, addressing the equity, accessibility, and affordability challenges the world faces in its fight against climate change.
The company’s next phase of innovation harnesses the power of BrainBox AI’s core technology to tackle the energy transition by creating energy demand flexibility within building clusters. Globally, the energy sector is undergoing a transition spurred by the decreasing cost of renewable power generation.
With these new intermittent sources of power comes the need for more flexible energy grids. BrainBox AI’s autonomous AI technology will allow buildings, working interactively, to be a part of the solution by providing energy and capacity back to the grid, contributing to cleaner and more efficient consumption.
“With buildings producing 28%* of the world’s total carbon emissions, it is more critical than ever to bring scalable clean technology to our cities. Overlaying autonomous artificial intelligence on existing infrastructure in the built environment is not only a rapid and impactful means to energy efficiency, but also a crucial step towards future grid-interactive buildings”, said Sam Ramadori, President of BrainBox AI. “We are excited to be working with investors who share our vision and understand how industry-changing AI energy solutions can support our goal of 100% renewable power for the planet”.
A key part of the relationship between BrainBox AI and ABB includes a global distribution agreement with the promise of bringing the AI-driven solution to ABB’s existing expansive customer base.
“Our core focus is bringing radical change to new and existing buildings with safe, secure, smart and sustainable solutions”, said Oliver Iltisberger, President of ABB’s Smart Buildings division. “I am confident that ABB’s investment in BrainBox AI, combined with our ABB Ability Building Ecosystem, will help us leapfrog current approaches to digital transformation, further reduce energy costs and play our part in addressing climate change”.
BrainBox AI is one of 10 companies selected to showcase its technology at the 26th United Nations Climate Change Conference (COP26) under the Tech For Our Planet challenge. In 2020, BrainBox AI was recognized by TIME as one of the Top 100 best inventions and by CB Insights as one of the Top 100 AI start-ups redefining industries in 2021. The company is also a member of the MaRS Discovery District, the largest urban innovation hub in North America.
You can find more information about BrainBox AI and its Series A funding round on its website.
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*Source: IEA 2020 Global status report for buildings and construction
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