Canadian company BrainBox AI, which specializes in autonomous building technology, announced the closure of a CAD12 million ($8.59 million)?convertible debt round, which would allow the firm to fund its business expansion North America and international markets like the U.K., Ireland, and Australia.
The company noted that the oversubscribed round is comprised of domestic and international investors, including Esplanade Ventures as lead investor and Desjardins Capital.
This latest funding round brings the company?s total raised to over CAD19 million.
BrainBox AI offers a technology combining deep learning, cloud-based computing and autonomous decision making to support a 24/7 self-operating building. BrainBox AI says its solution enables the Heating, Ventilation and Air Conditioning (HAVAC) system in a building to operate autonomously, in real-time, generating up to a 25% reduction in total energy costs and a 20-40% reduction in carbon footprint.
??BrainBox AI?s truly autonomous solution is re-defining how we manage energy in buildings thanks to cutting-edge artificial intelligence technology. As a company we are driven by the opportunity to tackle climate change, one of the world?s critical challenges, and are excited to be working with investors who share the same vision,? said Sam Ramadori, chief business development officer at BrainBox AI.
Subscribe now to get the daily newsletter from RCR Wireless News
?We are excited to be a part of the team bringing BrainBox AI?s energy-saving solutions to market. The building operators we spoke with were thrilled with the significant cost savings, which required no capex and minimal disruption to achieve,? said Jeffrey Kadanoff, managing director of lead investor Esplanade Ventures.
The firm had launched commercial operations in May 2019. Since then, BrainBox AI has installed its technology in over 15 million square feet of commercial properties, across 15 cities on 3 continents.
Headquartered in Montreal, BrainBox AI has a workforce of over 50 employees and supports real estate clients in numerous sectors, including office buildings, airports, hotels, multi-residential, long-term care facilities, grocery stores and commercial retail.
BrainBox AI works in collaboration with research partners including the US Department of Energy?s National Renewable Energy Laboratory (NREL), the Institute for Data Valorization (IVADO) as well as educational institutions including Montreal?s ?cole de technologie sup?rieure (ETS) and McGill University.