PassiveLogic announced that it had received $16 million in funding for the Next-Generation Automation Systems.
FREMONT, CA: PassiveLogic has announced that it has received $16 million in Series A funding, led by venture capital firm Keyframe Capital and Addition. One of the primary segments in which the Keyframe invests is Physical infrastructure innovation, and Addition invests in early and growth-stage organizations worldwide. Other investors included of RET Ventures, A/O Proptech, and NREP, representing the commercial real estate industries in the U.S. and Europe.
The U.S. Department of Energy (DOE) follows the Series A raise with a $1.1M contract to describe an industry Digital Twin technology standard for the next-generation automation systems. Besides, support for the standard comes from Swiss HVAC component manufacturer Belimo.
Troy Harvey and Jeremy Fillingim founded PassiveLogic in 2016 to introduce autonomous controls advancements from self-driven vehicles to the broader buildings market, to democratize the technology. It will help the users to design their custom autonomous systems without requiring an engineering team. PassiveLogic's autonomous building systems can be connected in new buildings or retrofitted in one-tenth of the time of conventional HVAC controls. It can even decrease energy consumption by 30 percent, which is noteworthy considering the buildings use 40 percent of energy and 70 percent of the electricity produced.
According to John Rapaport of Keyframe Capital, "PassiveLogic addresses a critical and large market need that has been consistently underserved by existing building automation companies. Without open, flexible controls systems as the backbone for building systems, the promise of a highly efficient or "smart" building is simply out of reach. Many buildings have been surviving with insufficient automation solutions for years—creating added costs, energy waste, and underwhelming tenant experiences. PassiveLogic has the controls architecture, unique autonomous building technology, and ease of configurability to give building operators the controls they have been promised for years to close those efficiency gaps, at a cost that will work for all building sizes. We're really excited about what this can mean for building operators, tenants, and regulators at this tipping point of the digitalization of buildings, and to play some small role in helping PassiveLogic follow that vision."