BrainBox AI, an autonomous building tech firm, announced a $20m fundraise to support the continued development of BrainBox AI’s cutting edge decarbonization tech and its global commercialization efforts. The company is pleased to name The Government of Québec as a lead investor for $10m, alongside ABB, a returning investor and global partner to BrainBox AI.
What does the partnership mean for ABB?
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 firms 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. Coupled with BrainBox AI’s optimization tech, the combined offering will help retailers reduce their greenhouse gas (GHG) emissions and utility costs without replacing their existing environmental management system (EMS).
Artificial intelligence and cloud enabled HVAC autonomous control, natively integrated with the leading on-premise environmental management system solution, will offer retailers an unparalleled ability to operate their stores and achieve their pressing decarbonization goals.
Mike Mustapha, President of the Smart Buildings Division at ABB Electrification commented “By transferring the MSR business to BrainBox AI, customers can leverage artificial intelligence to achieve better energy efficiency and decarbonization. In addition, this fully aligns with our mission to pursue building decarbonization jointly with all our strategic partners.”
What does the funding mean for Québec Government?
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 also 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.
Commenting on BrainBox AI’s extraordinary tech, Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister Responsible for Regional Economic Development, and Minister Responsible for the Metropolis and the Montréal Region said “The technology that BrainBox AI has developed will revolutionize energy consumption in commercial buildings.”
“The adoption by Québec businesses of innovations like what Brainbox AI is proposing is indispensable if we are to decarbonize Québec and ensure more efficient use of resources.”
What does the funding mean for BrainBox AI?
Commenting on the funding initiative, Sam Ramadori, Chief Executive Officer at BrainBox AI, said, “We are very 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 all around the globe with a scalable and impactful decarbonization tool.”
“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.”
“We also announce our intent to bring this MSR-focused tech on board. The 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 clientele.” Ramadori said.
“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,” he added.
