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BrainBox AI raises $20m, buys ABB’s retail energy management business

BrainBox AI raises $20m, buys ABB’s retail energy management business

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By Nick Flaherty



Canadian embedded AI startup BrainBox AI has raised $20m and will take on ABB’s retail energy management system integrator business.

The Government of Québec is the lead investor for 10 million US dollars, alongside ABB as a returning lead investor and global partner to BrainBox AI.

Brainbox Ai was founded in 2017 in Montreal, Canada, and has over 150 employees. It works with Montreal’s Institute for Learning Algorithms (MILA), the Lawrence Berkley National Laboratory (LBNL), the Institute for Data Valorization (IVADO) as well as educational institutions including McGill University.

“We are grateful for this significant investment from the Québec Government and ABB. Having their support propels our mission to provide commercial real estate owners and retailers around the globe with a scalable and impactful decarbonization tool,” said Sam Ramadori, Chief Executive Officer at BrainBox AI. 

“As buildings account for over 38% of GHG emissions globally, there is no way around the necessity of making buildings significantly more efficient. The convergence of investments from both the public and private sectors clearly shows that the work we are doing is resonating across the board, which we view as very positive as this challenge will require collective involvement to make a meaningful impact given its sheer scale and difficulty,” he said.

BrainBox AI intends to integrate ABB’s multi-site retail (MSR) business with its team in New Hampshire, USA, and an installed base of over 12,000 retail locations in its current operations. The AI optimization technology helps retailers reduce their greenhouse gas (GHG) emissions and utility costs without replacing their existing environmental management system (EMS). The AI and cloud enabled HVAC autonomous control is natively integrated with the leading on-premise EMS.

“We are excited to announce our intent to bring this MSR-focused technology on board. This complementary acquisition, when completed, will enable BrainBox AI to solidify its position in the retail market, allowing us to offer stronger operational support and know-how to our valued customer base,” said Ramadori.

“Ultimately, the journey of delivering a hybrid cloud and on-premise solution will accelerate the transition to next generation virtualized EMS offerings that will allow retailers to meet and exceed ambitious ESG objectives at scale with a very cost effective solution.” 

Mike Mustapha, President of the Smart Buildings Division at ABB Electrification added, “By transferring the MSR business to BrainBox AI, customers can leverage artificial intelligence to achieve better energy efficiency and decarbonization. This fully aligns with our mission to pursue building decarbonization jointly with our strategic partners.”

www.brainboxai.com

 

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