Brainbox AI has announced the acquisition of ABB’s multisite retail business and a US$20 million fundraising round led by the Government of Québec as a lead investor for US$10 million, alongside ABB, a returning lead investor and global partner. This Research Note highlights the background to this announcement and the strategic rationale of both companies, based on Memoori’s analysis of the emerging strategic priorities of ABB’s Smart Buildings Division and our Smart Building Startups Landscape 2023 report. ABB’s multi-site retail (MSR) energy management system integrator business, currently operating as ABB Cylon Retail Solutions, has an installed base of over 12,000 retail locations. It was taken over by ABB as part of the acquisition of Cylon Controls, a second-tier Irish building automation and energy management systems manufacturer in March 2020. In February 2018, Cylon Energy closed a strategic acquisition to acquire the Teletrol multisite energy management business, a U.S.-based manufacturer of software and hardware that helps […]