BrainBox AI raises 24M USD in first close of its Series A funding round to fuel continued global expansion and innovation
Montreal (ots/PRNewswire)
Growing tech leader is redefining building automation and developing scalable technologies to address the energy transition challenge and mounting public concern over global greenhouse gas (GHG) emissions
BrainBox AI, a leader in autonomous building technology, today announced a $24M raise to further deploy its AI technology in the built environment and develop its next phase of innovation. The first close of its Series A round includes new lead investor, ABB, and investments by Esplanade Ventures and Desjardins Capital.
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 and impactful tool to achieve their aggressive 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 major 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," says 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, creating a meaningful and rapid impact on the environment.
"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."
"We are pleased to continue to support the strong growth momentum that BrainBox AI is experiencing and the positive impact they are having globally, not only for the environment, but also on the health of individuals living and working in buildings that are optimized for health," said Dr. Sheldon Elman, Chairman and Co-Founding Partner at Esplanade Ventures.
"Desjardins Capital is proud to continue investing in BrainBox AI, a company that uses artificial intelligence to reduce the carbon footprint of buildings," said Marie-Hélène Nolet, Chief Operating Officer at Desjardins Capital. "This Quebec company is helping the international community reach its ambitious climate change targets."
BrainBox AI is one of 10 companies globally selected to showcase its game-changing technology at the upcoming 26th United Nations Climate Change Conference (COP26) under the Tech For Our Planetchallenge program. 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.
Osler, Hoskin & Harcourt LLP served as legal advisor to the Company and Credit Suisse Securities (Canada), Inc. served as its financial advisor.
*Source: IEA 2020 Global status report for buildings and construction
About BrainBox AI
Founded in 2017, BrainBox AI is redefining building automation and pioneering grid-interactive buildings through artificial intelligence to address the energy transition challenge. Headquartered in Montreal, a global AI hub, BrainBox AI has a workforce of over 125 employees and supports real estate clients in numerous sectors, including office buildings, airports, hotels, multi-residential, long-term care facilities, grocery stores and commercial retail.
BrainBox AI works in collaboration with research partners including the US Department of Energy's National Renewable Energy Laboratory (NREL), the Institute for Data Valorization (IVADO) as well as educational institutions including Montreal's École de technologie supérieure (ETS) and McGill University.
Learn more about BrainBox AI.
About ABB
(ABBN: SIX Swiss Ex) is a leading global technology company that energizes the transformation of soci-ety and industry to achieve a more productive, sustainable future. By connecting software to its electrification, robotics, automation, and motion portfolio, ABB pushes the boundaries of technology to drive performance to new levels. With a history of excellence stretching back more than 130 years, ABB's success is driven by about 105,000 talented employees in over 100 countries. www.abb.com.
About Esplanade Ventures
Esplanade Ventures is an early-stage global venture capital firm based in Montreal with offices in Toronto. Esplanade invests globally and actively partners with early-stage and high growth companies shaping the future of healthcare delivery. Learn more about Esplanade Ventures.
About Desjardins Capital
Over 45 years strong, Desjardins Capital has a mission to value, support and nurture the best of Quebec entrepreneurship. With assets under management of C$2.8 billion as of June 30, 2021, Desjardins Capital helps contribute to the longevity of more than 610 companies, cooperatives and funds in various sectors from across Quebec. In addition to helping to maintain and create many thousands of jobs, this subsidiary of Desjardins Group offers business owners access to a large business network and supports their business growth. For more information, visit our website.
For media inquiries: Charles Font, Montieth & Company, - +44 (0)20 3857 5478, cfont@montiethco.com