By Joshua Burd
A firm that provides software for building management and energy efficiency has set out to raise $3 million in venture funding for its fast-growing mobile platform.
Energy Technology Savings, which is based in Livingston, this week announced the priced offering as part of a plan to expand its Smart Building AI Platform, or SmartKit AI. The company said it has already raised $1.8 million from existing investors and is looking to new strategic partners to complete the funding round over the next six months
ETS will use the funds for continued development of its artificial intelligence software and geographic expansion, with a particular focus on the West Coast, according to a news release. The offering is priced at a pre-money valuation of the company at $44 million and comes as the company has doubled its SmartKit AI contracts over the last 12 months.
The mobile software is designed to assist in building operations and energy management. ETS customers have brought the platform to 186 buildings across the Northeast and the West Coast, with current SmartKit AI users representing some 60 million square feet of commercial and multifamily residential buildings and 50 megawatts of electric load.
Clients include Roseland Residential Trust and AvalonBay Communities, which both have expanded their relationships with ETS as part of the software’s launch, while Pan Am, Moinian Group and Manhattan Mini Storage signed new SmartKit AI Platform Services contracts.
“We believe that making buildings smarter is a logical way to go about reducing operations costs; our company’s rapid growth and the expanding user base of SmartKit AI are indicators that the market agrees,” said Jeff Hendler, the firm’s CEO. “We create operational transparency and intuitive technology to empower users — from building owners to facilities’ team members — to capture savings and generate revenue.
“The new offering and recent SmartKit AI growth metrics show that now is the right time to scale up and expand our presence.”
SmartKit AI provides real-time data transparency, monitoring, predictive analytics and digital management tools that reduce energy and operating costs by 10 to 20 percent, ETS said in a news release. The firm touted the technology as a way to optimize performance of building systems; generate revenue from onsite assets, including heating, ventilation, and air conditioning systems and other distributed energy resources; and link energy saving actions to efficiency goals and rewards.
SmartKit AI also works with utilities to solve technical challenges and support more efficient monitoring and planning while cutting costs for customers, the news release said. The product builds upon ETS’ collaborations with utilities, grid operators and government agencies.