A leader in autonomous building technology, BrainBox AI, has announced a US$20 million fundraise to support the continued development of its decarbonisation technology and global commercialisation efforts.
The company has named The Government of Québec as a lead investor for US$10 million, alongside ABB, a returning lead investor and global partner to BrainBox AI.
Brainbox AI CEO, Sam Ramadori (pictured) said, “We are 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 around the globe with a scalable and impactful decarbonisation tool.
“As buildings account for over one-third (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.”
The strategic partnership between ABB and BrainBox AI is a reflection of the common goal both organisations share in making buildings smarter, greener, and more efficient.
BrainBox AI also announced an agreement to acquire ABB’s multi-site retail (MSR) energy management system integrator business. With the objective of accelerating the decarbonisation journey for retailers, BrainBox AI intends to integrate ABB’s MSR business, its team based in New Hampshire, US, and an installed base of over 12,000 retail locations in its current operations.
AI and cloud enabled HVAC autonomous control, natively integrated with the leading on-premise EMS solution, will offer retailers the ability to operate their stores and achieve decarbonisation goals.
Ramadori added: “We are excited to announce our intent to bring this MSR-focused technology on board. This complementary 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 customer base.”
ABB Electrification president of the smart buildings division, Mike Mustapha commented, “By transferring the MSR business to BrainBox AI, customers can leverage artificial intelligence to achieve better energy efficiency and decarbonisation. This fully aligns with our mission to pursue building decarbonization jointly with our strategic partners.”