BrainBox AI, a startup that specialises in autonomous building technology, has announced a $20 million fundraise.
The Government of Québec was a lead investor for $10 million, alongside ABB, a returning backer and global partner to BrainBox AI.
Today marks a big step in BrainBox AI’s journey in helping save the planet with AI. We have entered into an agreement to make our first acquisition, which will further propel our scalability and impact worldwide to new levels.
— BrainBox AI (@BrainBoxAi) April 28, 2023
“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 decarbonisation tool,” says Sam Ramadori, Chief Executive Officer at BrainBox AI, which was founded in 2017.
“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.”
Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister Responsible for Regional Economic Development, and Minister Responsible for the Metropolis and the Montréal Region, says: “The technology that BrainBox AI has developed will revolutionise energy consumption in commercial buildings.”
“The adoption by Québec businesses of energy innovations such as the one that Brainbox AI is proposing is indispensable if we are to successfully decarbonise Québec and ensure more efficient use of our resources.”
BrainBox AI has also announced an agreement to acquire ABB’s multi-site retail (MSR) energy management system integrator business.
It intends to integrate ABB’s MSR business, its team based in New Hampshire, USA, and an installed base of over 12,000 retail locations in its current operations.
The firm says that, coupled with its AI optimisation technology, the combined offering will help retailers reduce their greenhouse gas (GHG) emissions and utility costs without replacing their existing environmental management system (EMS).
“We are excited to announce our intent to bring this MSR-focused technology onboard. 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,” says Ramadori.
“Ultimately, the journey of delivering a hybrid cloud and on-premise solution will accelerate the transition to next generation virtualised 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, comments: “By transferring the MSR business to BrainBox AI, customers can leverage artificial intelligence to achieve better energy efficiency and decarbonisation.”
“This fully aligns with our mission to pursue building decarbonization jointly with our strategic partners.”
View Original Article
