22 January 2013 — BuildingIQ, a building energy management software company, has announced the closing of $9 million in venture funding.
Investors include Aster Capital – backed by Schneider Electric, Alstom and Solvay, the Venture Capital unit of Siemens Financial Services and Paladin Capital.
The funding will be used to accelerate growth and execute energy efficiency projects for a growing pipeline of commercial buildings in Australia and North America.
Pike Research senior research analyst Eric Bloom said BuildingIQ had distinguished itself for offering a solution that not only identified energy efficiency opportunities but also made changes in control systems automatically in order to realise those opportunities.
“In our recently published research brief, Building Energy Management Technology Landscape, we highlighted the value of partnerships that allow firms to focus on their unique, differentiating capabilities in an increasingly competitive market for building energy management systems,” he said.
According to Pike Research, the building energy management systems market will be worth $6 billion worldwide by 2020.
BuildingIQ has recently announced significant partnerships with leading building management system vendors Schneider Electric and Johnson Controls and an innovative energy optimisation and demand response program with Nevada Energy for its large commercial and industrial customers.
It will now scale up sales and marketing team in the US to take advantage of these relationships and market opportunity.
As part of the investment, Aster Capital partner Todd Dauphinais, Paladin Capital Group principal Ken Pentimonti and Gerd Goette, investment partner at Siemens Venture Capital, will join BuildingIQ’s board of directors, which already includes green building industry leader Greg Kats, William Deane of Exto Partners, and chief executive officer Michael Zimmerman.
BuildingIQ chief executive officer Mike Zimmerman said the company was “coming off of a spectacular year of growth in 2012” and had “a great pipeline of opportunities for the year ahead”.
“This funding from three of the most respected investors in our space – including two of the leading building management system vendors – represents significant validation of our leadership in the sector,” he said.
“Each of these investors brings with them unique strategic channels and relationships that, along with our existing relationships, will help BuildingIQ extend its leadership and execute on our goals for 2013 and beyond.”