Canadian autonomous building start-up BrainBox AI has raised $12m to deploy its AI technology for buildings across North America and abroad.
 
BrainBox AI’s technology combines deep learning, cloud-based computing and autonomous decision making to support a round-the-clock self-operating building. It enables the HVAC system in a building to operate autonomously, in real time, and is claimed to generate up to a 25% reduction in total energy costs, a 20 to 40% reduction in carbon footprint and a 60% increase in occupant comfort.
 
“BrainBox AI’s truly autonomous solution is re-defining how we manage energy in buildings thanks to cutting-edge artificial intelligence technology,” said Sam Ramadori, the firm’s chief business development officer. “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.”
 
The oversubscribed round is comprised of domestic and international investors, new and existing, including Esplanade Ventures as lead investor and Desjardins Capital.
 
“We are excited to be a part of the team bringing BrainBox AI’s energy-saving solutions to market,” said Jeffrey Kadanoff, managing director of Esplanade Ventures. “The building operators we spoke with were thrilled with the significant cost savings, which required no capex and minimal disruption to achieve.”
 
Luc Ménard, chief operating officer of Desjardins Capital, added: “Desjardins Capital is proud to be a part of BrainBox AI’s growth. It’s impressive to see a Montreal start-up with an international vision for tackling a global issue like climate change. The way they’re using AI to efficiently manage energy use in buildings could be a game-changer in a huge market.”
 
In the year since its launch to market in May 2019, BrainBox AI has installed its self-learning technology in over 1.4 million square metres of commercial properties, across 15 cities on three continents. The company has gained significant traction in its home market of Canada, and the recent raise will enable expansion in both existing and new markets.
 
Combining the leadership and expertise of co-founders Sean Neely, CEO, and Jean-Simon Venne, CTO, BrainBox AI was created in 2017 with the goal of redefining building automation through artificial intelligence. Headquartered in Montreal, BrainBox AI has a workforce of more than 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.
 
The company works with research partners including the US Department of Energy’s National Renewable Energy Laboratory and the Institute for Data Valorization, as well as educational institutions including Montreal’s École de Technologie Supérieure and McGill University.
 
Esplanade Ventures is a venture capital firm focused primarily on digital health. Based in Montreal, with offices in Toronto, the company operates globally to partner with early-stage and high growth digital companies.