Smart Buildings

Funding and Investments in the Smart Buildings Space Q2 2022

This Research Note highlights our analysis of investments in the smart buildings space in the second quarter of 2022. We review the number of rounds and values compared with Q1, the technology areas attracting investment and highlight 14 funding rounds we consider worth mentioning. Memoori has tracked 85 funding rounds amounting to almost $2.3 billion across the smart buildings space in Q2-2022. Investor funding (in USD millions) in Q2-2022 declined 37% versus Q1. However, the number of funding rounds (85) was similar to Q1 (89), indicating that deals continued at broadly the same rate, while investment values were reduced in comparison to Q1. Note that our analysis includes seed through growth-stage funding by venture capital firms, private equity and strategic investors in smart buildings, smart homes and proptech solutions which address the management and operational phase of the building lifecycle. This definition, therefore, excludes technology investment for the design, construction, purchase, financing, leasing and sale of real estate.  Funding for smart building startups (firms […]

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This Research Note highlights our analysis of investments in the smart buildings space in the second quarter of 2022. We review the number of rounds and values compared with Q1, the technology areas attracting investment and highlight 14 funding rounds we consider worth mentioning.

Memoori has tracked 85 funding rounds amounting to almost $2.3 billion across the smart buildings space in Q2-2022.

Investor funding (in USD millions) in Q2-2022 declined 37% versus Q1. However, the number of funding rounds (85) was similar to Q1 (89), indicating that deals continued at broadly the same rate, while investment values were reduced in comparison to Q1.

Note that our analysis includes seed through growth-stage funding by venture capital firms, private equity and strategic investors in smart buildings, smart homes and proptech solutions which address the management and operational phase of the building lifecycle. This definition, therefore, excludes technology investment for the design, construction, purchase, financing, leasing and sale of real estate. 

Funding for smart building startups (firms founded since 2012) accounted for over 90% of total funding rounds in Q2-2022. Notable funding rounds in the quarter across six sub-sectors of the smart buildings space are highlighted below: 

BIoT (Building Internet-of-Things)

  • Envision Digital, founded in 2014, a Singapore-based provider of Artificial Intelligence and Internet of Things software driving the transition to Net Zero, raised $210 million Series A round, backed by Sequoia China and Singaporean sovereign wealth fund GIC.
  • WiredScore, the organization behind the WiredScore and SmartScore certifications providing internationally recognized digital connectivity and smart building rating systems for real estate, closed a $15 million Series B round, led by Beringea with key participation from notable strategic and venture fund investors including Cushman & Wakefield and Crow Holdings.
  • Demand Logic, the UK managed SaaS provider, which analyses real-time operational data from commercial buildings to improve occupant comfort, save energy and deliver condition-based maintenance, closed a pre-Series A investment round led by Ashcombe and backed by Grosvenor and Pilabs.

PropTech

  • BuildOps, founded in 2018 and based in Los Angeles, California, announced $43 million in Series A funding, led by Next47, the venture capital unit backed by Siemens.  The startup provides an all-in-one field service and business process software platform for small and medium-sized subcontractors in the commercial and industrial HVAC repair and maintenance, electrical, plumbing, refrigeration and fire safety industries.
  • Upflex, the US provider of a suite of SaaS solutions for the hybrid workplace, raised $30 million in a Series A funding round which included WeWork and Cushman & Wakefield.
  • Oriient, the Israeli provider of indoor positioning technology for in-building navigation and wayfinding, closed an $11 million Series A round.

Physical Security

  • LiveView Technologies, a US provider of an enterprise Software-as-a-Service (SaaS) and Platform-as-a- Service (PaaS) solution for remote live video and safety, surveillance solutions, raised $50M in Series B funding in collaboration with growth investment firm Sorenson Capital.

Smart Home

  • Sense, the US developer of a home intelligence platform and device installed in an electrical panel that interprets the power usage and activity of devices in the home, announced the close of a $105 million Series C financing. Previous strategic investor Schneider Electric joined the round.
  • OhmConnect, a US developer of a utility-independent residential demand response platform, raised $55 million in a Series D funding round in June. Carrier participated in the round as part of a strategic partnership with the company. 
  • Quext, the US developer of a smart apartment technology platform for the multifamily industry, secured $63 million backed by private investors.

Energy Management

  • Turntide Technologies, the US developer of the patented Smart Motor System which may reduce energy consumption by nearly 64% and is free of environmentally damaging rare earth minerals, completed a $225 million financing. JLL Spark, the strategic investment arm of commercial real estate services firm JLL participated in the round.
  • Cleanwatts, a Portuguese energy management software company that deploys renewable energy communities (RECs) in countries with advanced legal frameworks and policies that enable the activation of local energy markets, received an investment of up to $26.5 million from Verdane.
  • Vital Energi, a UK energy services specialist, has secured £72.3m of Public Sector Decarbonisation Scheme funding for the installation of low carbon solutions and energy efficiency services.

Building-to-Grid (B2G)

  • Arcadia, the US developer the Arc software platform for home and commercial clean-energy usage, closed a $200 million investment from J.P. Morgan. The fundraising will allow Arcadia to invest in broadening data coverage to include commercial utility data and expanding Arc to new use cases, including assisting companies in achieving their sustainability goals. 

This article was written by Daphne Tomlinson, Senior Research Associate at Memoori.

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