BuildingIQ Raises $9 Million for Building Energy Management
Clean Edge News
BuildingIQ, Inc., a building energy management software company, recently announced the closing of $9 million in venture funding. Strategic investors include Aster Capital (backed by Schneider Electric, Alstom and Solvay), the Venture Capital unit of Siemens Financial Services (SFS VC) and Paladin Capital. The funding will be used to accelerate growth and execute energy efficiency projects for a growing pipeline of commercial buildings in North America and Australasia.
“We have a unique perspective on this market as a result of our strong LP relationship with one of the world’s leading building management systems vendors, Schneider Electric,” said Todd Dauphinais, partner at Aster Capital. “After evaluating a wide range of energy management offerings in the market, we quickly became convinced that BuildingIQ’s technology, low cost andhigh ROI profile provides commercial building owners and managers a superior solution. We have been impressed with the company’s growth and are excited about its prospects with this new financing.”
“Over the past few years, BuildingIQ has distinguished itself for offering a solution that not only identifies energy efficiency opportunities but also makes changes in control systems automatically in order to realize those opportunities,” said Eric Bloom, senior research analyst at Pike Research – a part of Navigant. “In our recently published research brief, Building Energy Management Technology Landscape, we highlighted the value of partnerships that allow firms to focus on their unique, differentiating capabilities in an increasingly competitive market for building energy management systems. BuildingIQ’s work with energy management leaders Schneider Electric and Siemens is a good example of this sort of ‘co-opetition.’”
According to Pike Research, the building energy management systems (BEMS) market will be worth $6 billion worldwide by 2020. BuildingIQ is attacking this growing sector and currently running large-scale implementations and pilot programs with commercial enterprises, REITs, institutional owners, property management firms, and utilities across North America and Australia. The company has recently announced significant partnerships with leading building management system vendors Schneider Electric and Johnson Controls and an innovative energy optimization and demand response program with Nevada Energy for its large commercial and industrial customers. BuildingIQ will be scaling up its sales and marketing team in the U.S. to take advantage of these relationships and market opportunity.