Montreal-based BrainBox AI Raises $12M to Expand Its Reach
Using artificial intelligence to reduce energy costs by up to 25% for building owners and managers, the HVAC control technology from BrainBox AI is gaining investor support with new fundraising round.
April 28, 2020 By Energy Manager Canada
Using artificial intelligence to reduce energy costs by up to 25% for building owners and managers, the HVAC control technology from BrainBox AI is gaining investment support with a new $12M fundraising round to further deploy its technology across North America and abroad.
The oversubscribed round of financing included domestic and international investors, new and existing, including Esplanade Ventures as lead investor and Desjardins Capital.
BrainBox AI’s technology combines deep learning, cloud-based computing and autonomous decision making to support a 24/7 self-operating building. The solution enables the HVAC 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.
“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 in a media release. “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 sq. ft. of commercial properties, across 15 cities on three continents. The company has gained significant traction in its home market of Canada, and the recent funding raise will enable expansion in both existing and new markets.
Read an interview with BrainBox AI Chief Technology Officer, Jean-Simon Venne, in BIoT Canada (a sister publication to Energy Manager Canada).
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