Montreal-based BrainBox AI, a provider of autonomous building technology, has secured C$12 million in financing. Esplanade Ventures led the round with participation from other investors that included Desjardins Capital.
MONTREAL, April 28, 2020 /CNW Telbec/ – BrainBox AI, a leader in autonomous building technology, today announced a $12M fundraise to further deploy its ground-breaking AI technology for buildings across North America and abroad. 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. 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 resulting from the COVID-19 pandemic, this 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.
“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,” shared Sam Ramadori, Chief Business Development Officer.
“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,” shared 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,” said Luc Ménard, Chief Operating Officer of Desjardins Capital. “The way they’re using AI to efficiently manage energy use in buildings could be a game-changer in a huge market.”
In the 11 months since its launch 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. 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.
About BrainBox AI
Combining the leadership of Sean Neely, CEO and Co-Founder, and the expertise of Jean-Simon Venne, CTO and Co-Founder, BrainBox AI was created in 2017 with the goal of redefining building automation through artificial intelligence to be at the forefront of a green building revolution. Headquartered in Montreal, a global AI hub, BrainBox AI has a workforce of over 50 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 Esplanade Ventures
Esplanade Ventures is a venture capital firm focused primarily on digital health. Based in Montreal, with offices in Toronto, the company operates globally to actively partner with early-stage and high growth digital companies shaping the future of healthcare.
Learn more at www.esplanadeventures.com
About Desjardins Capital
Nearly 45 years strong, Desjardins Capital has a mission to value, support and nurture the best of Quebec entrepreneurship. With assets under management of C$2.6 billion as of December 31st, 2019, Desjardins Capital helps contribute to the longevity of some 530 companies, cooperatives and funds in various sectors from across Quebec. In addition to helping to maintain and create more than 80,000 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 or our LinkedIn page.