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In this Research Note, we examine the Chinese AI company, SenseTime, in the context of the smart buildings sector. We assess the group’s strategic pivot away from smart city business towards generative AI and digital transformation initiatives before highlighting 2024 results by business segment, based on 2023 and 2024 annual report announcements and investor presentations. SenseTime Restructuring & Strategic Realignment Following an IPO on the Hong Kong Stock Exchange in December 2021, organizational restructuring and layoffs have been initiated by SenseTime over the past three years, as the company tackles its widening losses. The group has also realigned its strategic focus on generative AI. Strategic Reduction in Smart City Business In a business reorganization in 2023, SenseTime grouped its non-generative AI businesses of Smart City, Smart Business, and Smart Life into the Traditional AI segment. Given the rapid growth of the Generative AI business, combined with the strategic pivot towards other segments, the share of […]

This Research Note explores Built Cybernetics plc, a London AIM-quoted PropTech group delivering Smart Buildings and related services. We examine their latest financial highlights, year ending 30 September 2024, announced 24th March 2025 and their strategic focus to augment their architectural businesses with recurring SaaS revenues from smart building services. Built Cybernetics Profile The Group is positioned to ensure the technical systems that run modern premises are designed as an integral part of the structure, from the outset. By cross-selling smart buildings services alongside their architecture projects, the Group’s strategy positions Built Cybernetics to expand beyond one-off project fees and generate scalable and recurring revenues from software. Strategic Focus The change of name from Aukett Swanke to Built Cybernetics was announced on 3rd March 2025, to better align with the Group’s strategic focus as a PropTech group.  The company is exploring partnerships and investments that further its capabilities in Machine Learning, AI and cybernetics. Nick […]

In this Research Note, we examine the recent announcement that Enlighted will wind down operations in 2025. We also reflect on wider market trends for lighting controls and occupancy analytics technology, and highlight previous closures in the space. Enlighted Profile & Closure Headquartered in Santa Clara, California, Enlighted was founded in 2009 by Tanuj Mohan and Premal Ashar. The company was a trailblazer for occupancy sensing and analytics in commercial buildings. In the late 2000s and early 2010s, the lighting industry was transitioning to LED technology, and this came at the same time as the much hyped development of the Internet of Things. Enlighted rode this hype train, attracting over $80m from 11 funding rounds, including from Silicon Valley VC “royalty” like Kleiner Perkins. We interviewed the founder in 2015 and discussed how their technology platform collected granular data, beyond what peers were doing at the time, and how it could optimize and secure buildings. […]

Are you confused by the Open Standards Landscape in Smart Building Technology? Below is our live stream recording, which serves as a non-technical guide to the types of protocols, and data frameworks used in commercial buildings and why they matter! Improve your understanding of open standards & their impact on smart buildings! The session will […]

In this Research Note, we examine Spacewell, part of the Manage segment of Nemetschek, which provides software for the management and operations phase in the building lifecycle. This article is based on Nemetschek 2024 annual results, investor presentations and Annual Report, published on 20th March 2025.  We also highlight the appointment of a new CEO, and our view of their position in the overall smart buildings market. We previously covered Spacewell in April 2024. Nemetschek SE Founded in 1963 by Prof. Georg Nemetschek, the group is a global provider of digital software solutions for all phases and disciplines of the building and infrastructure project life cycle (i.e., the AEC/O industry – Architecture, Engineering, Construction, and Operation). As a strategic holding company, Nemetschek SE is headquartered in Munich, Germany, and carries out its operating activities through four segments with a total of 12 brands. The group’s Manage segment has two brands, Spacewell, headquartered in Antwerp, Belgium […]