This Research Note examines the recently announced Runwise $55M Series B financing round, led by Menlo Ventures. We also parse their claim to be “the most capitalized and widely deployed smart building platform in the US”. Runwise Profile Runwise was founded in 2010 and was formerly known as Heat Watch. The company has undergone a significant transformation from its origins as a heating control service. The company’s initial focus was highly specialized, as they started by only running one- and two-pipe steam heating systems, spending more than five years developing a wireless sensor network, and software that could deliver savings, easier operation for managers, and fewer tenant complaints. The strategic rebrand from Heat Watch to Runwise occurred in October 2021, reflecting the company’s expanded vision. Over the last year before the rebrand, they had been quietly rolling out their first non-heating applications, recognizing that while 28% of carbon emissions in cities come from buildings, only […]