Montréal-based HVAC tech company BrainBox AI has announced the close of its Series A financing round, securing $30 million USD overall.
This close adds an additional $6 million USD to the Series A round, which had an initial close in October of $24 million USD. When it raised the $24 million, BrainBox said at the time that it was working to raise a “top-up” within six to eight weeks from additional investors on the same terms and valuation as its first Series A close.
BrainBox noted that the recent additional capital includes a $3.5 million USD investment from Export Development Canada. It is unclear where the remaining $2.5 million come from and BetaKit has reached out to BrainBox to clarify.
“Not only is BrainBox AI helping commercial buildings across Canada cut emissions, but through this investment, they will be able to export this technology around the world.”
– Mary Ng, Minister of International Trade
According to BrainBox, the final close of its Series A round will be used to further expand its global footprint.
Founded in 2017, BrainBox uses artificial intelligence (AI) to help lower energy consumption in buildings. BrainBox’s solution uses deep learning, cloud-based computing and autonomous decision making to predict a building’s thermal load, which then enables the HVAC system to operate autonomously.
The Montréal startup works in collaboration with research partners including the US Department of Energy’s National Renewable Energy Laboratory, the Institute for Data Valorization as well as educational institutions including MILA and McGill University.
BrainBox said it supports real estate clients in various sectors, including office buildings, hotels, commercial retail, grocery stores, airports and more. The company also noted that its technology can accumulate savings in energy costs of up to 25 percent and up to 40 percent reduction in carbon footprint.
Since launching its offering in 2019, BrainBox claims that its technology has been installed in over 100 million square feet of commercial building space across 70 cities and over 20 countries.
This year, BrainBox said its systems have been installed in over 180 new buildings and five additional countries, with expansion into major cities such as New York City and Milan. Most recently, BrainBox announced its partnership with Sail Outdoors, a Canadian outdoor equipment retailer, to deploy its AI-driven smart thermostat.
“Not only is BrainBox AI helping commercial buildings across Canada cut emissions, but through this investment, they will be able to export this technology around the world,” said Minister of International Trade, Export Promotion, Small Business and Economic Development Mary Ng. “This will see them reach new heights while bringing game-changing clean technology to a carbon-intensive industry.”
BrainBox CEO Sam Ramadori said that the raise will go towards technological development and fueling the company’s international growth.
Ramadori said that BrainBox intends to make inroads to Europe, noting that the region is actively looking for technologies to help in its clean energy transition. The company also wants to tap into new markets in the Asia-Pacific and the Middle East regions.
BrainBox’s previous funding rounds include a $12 million CAD investment it announced in early 2020. A spokesperson for BrainBox previously told BetaKit in October that the company added $8 million to that round in November 2020.
Featured image from BrainBox AI’s website.