CPE News (5.1.2023) – BrainBox AI has raised US $20 million in new funding from Investissement Québec (IQ) on behalf of The Québec Government, which invested US $10 million, alongside ABB, a returning lead investor and global partner to BrainBox AI.
BrainBox AI investors also include Export Development Canada (EDC), Esplanade HealthTech Ventures I, and Desjardins Capital.
BrainBox AI has also entered into an agreement to acquire ABB’s multi-site retail (MSR) energy management system integrator business.
BrainBox AI is a leader in autonomous building technology. BrainBox AI’s game-changing HVAC technology leverages autonomous AI to make buildings smarter, greener, and more efficient.
New funding will be used to support the continued development of BrainBox AI’s cutting edge decarbonization technology and its global commercialization efforts.
photo credit: BrainBox AI
BrainBox AI Announces US$20 Million Investment from Québec Government and ABB; and Enters into Agreement to Acquire ABB Multi-Site Retail Business
BrainBox AI, a leader in autonomous building technology, today announced a US$20 million fundraise to support the continued development.
Montreal, April 28, 2023 – BrainBox AI, a leader in autonomous building technology, today announced a US$20 million fundraise to support the continued development of BrainBox AI’s cutting edge decarbonization technology and its global commercialization efforts. The company is pleased to name The Government of Québec as a lead investor for 10 million US dollars, alongside ABB, a returning lead investor and global partner to BrainBox AI.
“We are grateful for this significant investment from the Québec Government and ABB. Having their support propels our mission to provide commercial real estate owners and retailers around the globe with a scalable and impactful decarbonization tool.” shared Sam Ramadori, Chief Executive Officer at BrainBox AI. “As buildings account for over 38% of GHG emissions globally, there is no way around the necessity of making buildings significantly more efficient. The convergence of investments from both the public and private sectors clearly shows that the work we are doing is resonating across the board, which we view as very positive as this challenge will require collective involvement to make a meaningful impact given its sheer scale and difficulty.”
The Québec Government’s $10 million USD commitment, granted by Investissement Québec, signals the need for low CAPEX, high impact, decarbonization and energy efficiency solutions like BrainBox AI’s. This investment further emphasizes the Ministry of Economy, Innovation and Energy’s unwavering support for technologies that contribute to the fight against climate change. With time running out, participation from the public sector is a must.
Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister Responsible for Regional Economic Development, and Minister Responsible for the Metropolis and the Montréal Region added “The technology that BrainBox AI has developed will revolutionize energy consumption in commercial buildings. The adoption by Québec businesses of energy innovations such as the one that Brainbox AI is proposing is indispensable if we are to successfully decarbonize Québec and ensure more efficient use of our resources.”
BrainBox AI recognizes its role in bringing innovative solutions that aggressively target GHG emissions to the built environment. The strategic partnership between ABB and BrainBox AI is a reflection of the common goal both organizations share in making buildings smarter, greener, and more efficient.
It is in this spirit that BrainBox AI is also pleased to announce an agreement to acquire ABB’s multi-site retail (MSR) energy management system integrator business. With the objective of accelerating the decarbonization journey for retailers, BrainBox AI intends to integrate ABB’s MSR business, its experienced team based in New Hampshire, USA, and an installed base of over 12,000 retail locations in its current operations. Coupled with BrainBox AI’s industry-leading AI optimization technology, the combined offering will help retailers reduce their greenhouse gas (GHG) emissions and utility costs without replacing their existing environmental management system (EMS).
AI and cloud enabled HVAC autonomous control, natively integrated with the leading on-premise EMS solution, will offer retailers an unparalleled ability to operate their stores and achieve their pressing decarbonization goals.
“We are excited to announce our intent to bring this MSR-focused technology on board. This complimentary acquisition, when completed, will enable BrainBox AI to solidify its position in the retail market, allowing us to offer stronger operational support and know-how to our valued customer base.” Sam Ramadori, Chief Executive Officer at BrainBox AI. “Ultimately, the journey of delivering a hybrid cloud and on-premise solution will accelerate the transition to next generation virtualized EMS offerings that will allow retailers to meet and exceed ambitious ESG objectives at scale with a very cost effective solution.”
Mike Mustapha, President of the Smart Buildings Division at ABB Electrification concluded “By transferring the MSR business to BrainBox AI, customers can leverage artificial intelligence to achieve better energy efficiency and decarbonization. This fully aligns with our mission to pursue building decarbonization jointly with our strategic partners.”
About BrainBox AI:
Founded in 2017, BrainBox AI was created to address the dilemma currently facing the built environment, its energy consumption and significant contribution to climate change. As innovators of the global energy transition, BrainBox AI’s game-changing HVAC technology leverages autonomous AI to make buildings smarter, greener, and more efficient. Working together with our trusted global partners, BrainBox AI supports real estate clients in various sectors, including office buildings, hotels, commercial retail, grocery stores, airports, and more.
Headquartered in Montreal, Canada, a global AI hub, our workforce of over 150 employees, bring with them talent from all sectors with the common thread of being in business to heal our planet. BrainBox AI works in collaboration with research partners including Montreal’s Institute for Learning Algorithms (MILA), the Lawrence Berkley National Laboratory (LBNL), the Institute for Data Valorization (IVADO) as well as educational institutions including and McGill University.
About ABB Electrification:
Electrifying the world in a safe, smart and sustainable way, ABB Electrification is a global technology leader in electrical distribution and management from source to socket. As the world’s demand for electricity grows, our 50,000+ employees across 100 countries collaborate with customers and partners to transform how people connect, live and work. We develop innovative products, solutions and digital technologies that enable energy efficiency and a low carbon society across all sectors. By applying global scale with local expertise, we shape and support global trends, deliver excellence for customers and power a sustainable future for society. go.abb/electrification
For BrainBox AI:
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Phone: +41 43 317 71 11