ABB backs AI smart building management startup in $24m round
Brainbox AI in Montreal has raised $24m in a Series A round led by ABB to deploy its AI technology in the built environment and develop its next phase of technology.
ABB is a new investor and led the round along with Esplanade Ventures and Desjardins Capital.
BrainBox AI offers predictive and self-adaptive artificial intelligence to optimize buildings’ energy usage, carbon footprint, and operational efficiency. BrainBox AI has been used in 100m sq ft of building space across five continents.
The next stage is to extend the technology to clusters of buildings powered by renewable energy. These intermittent sources of power need more flexible energy grids and BrainBox AI’s autonomous AI technology will allow buildings, working interactively, to provide energy and capacity back to the grid, contributing to cleaner and more efficient consumption.
“With buildings producing 28 percent 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, 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 impact they are having globally,” said Dr. Sheldon Elman, 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 technology at the upcoming 26th United Nations Climate Change Conference (COP26) in Glasgow next week.
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