Energy

Energy Management Startups Dominate Funding in 2023-24

Our new research reveals key data on 284 funding rounds for startups, amounting to around $5.5 billion across the smart buildings sector in the 16 months since January 2023. And, with over $2 billion already invested in the first four months of 2024, we believe that the outlook for investment and alliances with new entrants looks positive for the rest of 2024 and beyond. “Investors continue to be attracted to climate-related real estate technology applied to solutions and services for buildings, such as energy management software and hardware,” explains our latest report: StartUps in Smart Buildings 2024. “We are confident that technology investment will remain a key driver for energy efficiency in commercial real estate as innovation continues to enable greener buildings aligned with global sustainability goals.” Our study details around 30 energy management software startups and around 19 in energy management hardware startups that received funding in 2023 and early 2024. Here we highlight […]

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Our new research reveals key data on 284 funding rounds for startups, amounting to around $5.5 billion across the smart buildings sector in the 16 months since January 2023.

And, with over $2 billion already invested in the first four months of 2024, we believe that the outlook for investment and alliances with new entrants looks positive for the rest of 2024 and beyond.

“Investors continue to be attracted to climate-related real estate technology applied to solutions and services for buildings, such as energy management software and hardware,” explains our latest report: StartUps in Smart Buildings 2024. “We are confident that technology investment will remain a key driver for energy efficiency in commercial real estate as innovation continues to enable greener buildings aligned with global sustainability goals.”

Our study details around 30 energy management software startups and around 19 in energy management hardware startups that received funding in 2023 and early 2024. Here we highlight some notable deals from the comprehensive report.

Technology Sectors in the Smart Buildings Startups Space Attracting Investors

Notable Funding for Energy Management Startups: Software

Software for energy management in commercial and industrial buildings was the most heavily invested category our startups research identified for the period between January 2023 and April 2024.

In January 2023, Aedifion raised €12 million Series A led by World Fund and BeyondBuild to substantially develop its offering. Founded in 2017, spun out from Aachen University, the German company operates a cloud platform for the optimization of HVAC systems in commercial buildings.

In July 2023, Canadian building automation startup Brainbox AI closed a $30 million funding round backed by long-term partner ABB, the Quebec Government, and others. The company's platform integrates AI into HVAC systems, using predictive algorithms to optimize energy usage, reduce costs, and enhance occupant comfort, while learning and improving over time.

In February 2024, Myrspoven, a Swedish AI-based energy management software startup, completed a venture funding round of $5.8 million. Established in Stockholm in 2017, the company's autonomous AI solution, myCoreAI, connects to existing BMS and external data, combining deep learning and cloud-based computing to support 24/7 self-operating buildings.

Notable Funding for Energy Management Startups: Hardware

Our in-depth study defines energy management hardware as comprising a diverse range of solutions for the built environment, including net zero glass, thermostats, radiator covers, modular solar façade systems, and satellite-based thermal monitoring solutions to identify energy inefficient buildings.

In January 2023, US startup, Luxwall developing net zero glass for the built environment, raised $33 million in a Series A funding round, led by Bill Gates-backed VC 2150, with participation from Khosla Ventures and its existing investors Breakthrough Energy Ventures (BEV) and Prelude Ventures.

Also in May 2023, UK-based startup, SatVu raised £12.7M in Series A2 funding led by Molten Ventures, with participation from others. The funds will be used to further develop its platform that captures high-resolution thermal data from satellites to monitor heat loss and efficiency of the built environment.

In July 2023, German startup Vilisto raised €5 million in a Series A funding round backed by SET Ventures und E.R. Capital Holding, for its smart self-learning radiator thermostats for office buildings. Founded in 2016 in Hamburg, their thermostats are made with integrated and patented presence detection technology, as well as weather data and scheduling.

And, in January 2024, Montana Technologies received $10 million in growth equity from Carrier Ventures to commercialize Montana's AirJoule dehumidification and cooling technology, starting a promising year for the company and the overall Energy Management Startup Landscape in 2024.

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