CSIRO spinoff BuildingIQ lands major funding round

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The CSIRO spinoff that specialises in energy management in buildings has completed a round of funding from major global industrial groups.

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BuildingIQ, the energy management spinoff from CSIRO that last year became the only Australian company to make the Global Cleantech 100, has just raised $9 million in a venture funding round.

The company says it has raised money from leading financial and strategic investors such as Aster Capital (which is 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 expand its energy efficiency projects for a growing pipeline of commercial buildings in North America and Australia. A recent report by Pike Research estimated the value of the smart building market at $6 billion by 2020.

BuildingIQ has developed several software products to optimize building efficiency, focusing on high volume air conditioning systems in commercial buildings. The company has partnered with several large real estate companies in both Australia and the US to roll out the software systems across a range of properties.

It says its energy management technologies can deliver energy savings and peak load reductions of up to 30 per cent without any sacrifice to occupant comfort, offering a payback in less than 12 months and deployable within a few days.

BuildingIQ has recently announced significant partnerships with leading building management system vendors Schneider Electric and Johnson Controls and an innovative energy optimization and demand response program with Nevada Energy for its large commercial and industrial customers.  It also has pilot programs and larger agreements with a range of property management firms and utilities in the US and Australia.

As part of the investment, Todd Dauphinais, 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 CEO Michael Zimmerman.

“BuildingIQ is coming off of a spectacular year of growth in 2012 and we have a great pipeline of opportunities for the year ahead,” said Zimmerman. “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.

 

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