PassiveLogic, a Salt Lake City, UT-based creator of an autonomous building controls platform, raised $16m in Series A funding.
The round was led by Keyframe Capital and Addition with participation from RET Ventures, A/O Proptech, and NREP.
The company intends to use the funds to continue to expand operations and its business reach.
Founded in 2016 by Troy Harvey and Jeremy Fillingim, PassiveLogic brings autonomous controls advancements from self-driven vehicles to the larger buildings market. Its autonomous building systems can be installed in new buildings or retrofitted quicker than conventional HVAC controls and can reduce energy consumption by 30%.
The platform enables autonomous systems technology for any building, architecture, or controlled system, without data science expertise or AI training time. The company’s Autonomy Studio software empowers users without programming expertise to graphically define their own system using its Digital Twin technology. These Digital Twins provide virtual analogs to real-world objects, powered by an artificial intelligence IP called “deep physics.” This technique enables real-world objects to understand their own behavior and interactions and learn in place while they operate. Since there is no programming code required, automation projects can be done in one day or less, rather than weeks.
The US Department of Energy (DOE) followed the Series A raise with a $1.1M contract to define an industry Digital Twin technology standard for next-generation automation systems. Additional backing for the standard comes from Swiss HVAC component manufacturer Belimo.
FinSMEs
14/10/2020