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#Podcast 31: You Can’t Design a Truly Smart Building Without Human Resources!
June 14th, 2024Who Are the Smart Building Startups Gaining Traction in 2024?
June 12th, 2024
iLOQ Digital Locking Business & 2023 Financials Examined
In this Research Note, we examine the Finnish digital locking company iLOQ. This article is based on the financial statements and the 2023 Annual Report of Capnor Weasel Bidco Oyj, iLOQ’s parent company, and coverage of their activities in the last year. Founded in 2003, iLOQ is a Finnish specialist in the mechatronic locking sector. Based on patented energy harvesting technology, the company has developed self-powered digital locking and NFC-enabled mobile access management solutions that offer electronic locking without batteries or cables. Its smart locks and keyless solutions provide benefits for building owners, property managers, and end users by maximizing security and minimizing maintenance, administration, and lifecycle costs. They support technologies from various hardware manufacturers and offers cloud integration. The company operates in more than 55 countries with over 1,800 partner locations globally and more than 320 employees. 2023 iLOQ Financial Highlights iLOQ achieved a 6% increase in 2023 revenue with EUR 141.3 million reported versus EUR 133.0 […]
What’s Behind the Acquisition of Cobalt Robotics by Dean Drako?
This Research Note examines what’s behind the acquisition of Cobalt Robotics by Dean Drako, announced on 4th June 2024. We review the development of Cobalt, the strategic rationale of the acquisition, and the accelerating trend of robotic technologies as a mainstream security solution. Cobalt Robotics Acquisition Founded in 2016 in Fremont, California Cobalt Robotics develops roving security robots for use in commercial buildings. The startup closed a $35 million Series B financing round in June 2019, which brings total disclosed funding to $53.3 million to date, over 3 rounds from 12 investors. The strategic rationale of the acquisition is to accelerate the use of AI technology across enterprise security applications. As a reflection of the company’s AI leadership across multiple domains, the company has been renamed from Cobalt Robotics to Cobalt AI. To meet the growing needs of its corporate customers, Cobalt has developed AI-based algorithms for alarm filtering, remote monitoring, sensing, and other autonomous […]
Funding for Physical Security Startups 2023 / 24
Over $5.5 billion has been invested in smart building startups since the beginning of 2023, that’s according to data from our latest research, which reveals key data on 284 funding rounds. Over $2 billion of that was invested in the first four months of 2024, according to our data. The outlook for investment and alliances with new entrants looks positive for the rest of 2024 and beyond. Innovative physical security startups continued to attract significant investment in the past 16 months with 30 funding rounds. Video surveillance and access control are the most prominent physical security categories revealed by our startup study, and we cover some notable funding activity below. Notable Funding in Physical Security Startups 2023-24: Video Surveillance Our research identified 19 startups offering video surveillance, computer vision, and video analytics solutions that completed funding rounds between January 2023 and April 2024. Companies range from those providing monitoring services, to gun detection, space utilization, […]
ASSA ABLOY Global Technologies Division & 2023 Financials Examined
This Research Note examines the Global Technologies Division of ASSA ABLOY, the Swedish global access control group with the largest installed base of locks and different access solutions in the world. Our analysis is based on ASSA ABLOY’s 2023 Annual Report, their Capital Markets Day Presentation, 14th May 2024, and subsequent acquisitions in 2024. ASSA ABLOY Global Technologies Division Overview The division comprises HID Global (about 70%) and Global Solutions (about 30%). 100% of the division’s business relates to commercial and institutional markets. Global Technologies has about 7,895 employees. HID Global is a vendor of “identities for people, places and things”. Millions of people across businesses, healthcare, education, financial, government and state institutions use HID products and services, such as e-passports, payment verification, ID smart cards, biometric readers, and RFID tags. HID is organized into six business areas, with the largest being Physical Access Control Solutions. ASSA ABLOY Global Solutions was founded to support the […]
What’s Behind Brainbox AI’s Acquisition of Turntide’s Automation Division?
This Research Note highlights the background to Brainbox AI’s acquisition of the Automation division of Turntide Technologies focusing on the development of both startups and the strategic rationale of the transaction. Brainbox AI BrainBox AI was founded in 2017 with the goal of redefining building automation through artificial intelligence to address the dilemma currently facing the built environment: its energy consumption and significant contribution to climate change. Headquartered in Montreal, Canada, BrainBox AI supports clients in real estate sectors, including office buildings, airports, hotels, multi-residential, long-term care facilities, grocery stores and commercial retail. This is Brainbox AI’s second acquisition to date since the startup acquired ABB’s EMS Retail division in May 2023. ABB’s multi-site retail (MSR) energy management system integrator business was intended to be integrated with Brainbox AI’s optimization technology to help retailers reduce their greenhouse gas (GHG) emissions and utility costs without replacing their existing environmental management system (EMS). Turntide Technologies Founded in […]
Flowscape Workplace Management Business & 2023 Financials Examined
In this Research Note, we examine the Swedish workplace management solutions vendor, Flowscape Technology AB, based on their year-end report for 2023, issued on 21st February 2024, Q4-2023 presentation, and subsequent announcements on changes in senior management. The firm is a small SaaS provider of digital workplace solutions for the hybrid office. The business concept was born out of a collaboration with a large Swedish real estate company Vasakronan in 2013. Since 2018, the company’s shares have been traded on the Nasdaq First North Growth Market under the tag FLOWS. Headquartered in Stockholm, Flowscape has offices in the USA, UK and Bulgaria. Their main product, Flowmap, gives companies an overview of the office and enables them to quickly find rooms, desks, office equipment, and colleagues, as well as analyze the use of spaces. Flowscape also offers a communication tool for efficient geo-fence-specific communication to people in a building or within a designated area in the event of […]
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