Montreal, Canada-based autonomous building technology startup Brainbox AI closed its Series A round at USD 30 million. Export Development Canada led the funding for the closure. It invested USD 3.5 million in the company on July 26, 2022.
The first close of the Series A round was in October 2021. ABB led the financing back then.
Purpose of the Funding for Brainbox AI
With the latest capital infusion, the Canada-based company seeks to expand its global footprint further. The firm intends to focus its expansion in the European region.
Moreover, Brainbox AI aims to make an impact across the built environment. It will also invest in its technological solutions.
What the CEO has to say
Sam Ramadori, the CEO of BrainBox AI, said, “With the official close of our Series A fundraises, we’re thrilled to be working with investors that share our vision of providing a meaningful solution to decrease countries’ reliance on natural gas. This raise will go towards technological development and fueling our international growth, especially in Europe, a region that is actively looking for technologies to aid in its clean energy transition. As the energy industry continues to change, we are constantly innovating in order to provide the required demand flexibility via AI-enabled grid-interactive buildings.”
What the investors have to say
Guillermo Freire, Senior-Vice President, Mid-Market, and responsible for EDC’s cleantech practice, said, “The world requires new solutions that will support the global energy transition and greater emissions reductions, and BrainBox AI is an excellent example of a Canadian company driving cleantech innovation in the commercial real estate sector. We are pleased to join forces with other investors to support BrainBox AI through our Investment Matching Program, which will help the company expand in key markets in Europe, the Asia-Pacific and the Middle East.”
“Our government is committed to reaching carbon neutrality within the decade, including through the kind of partnerships like the one we are celebrating today. Not only is BrainBox AI helping commercial buildings across Canada cut emissions, but through this investment, they will be able to export this technology around the world. This will see them reach new heights while bringing game-changing clean technology to a carbon-intensive industry. A great example of the economy and the environment working hand-in-hand as Canadian businesses scale up and access new markets,” said The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development.
In addition, the Honourable François-Philippe Champagne, Minister of Innovation, Science, and Industry, said, “Ensuring Canadian businesses can reach global markets is vital for their success and Canada’s economic future. This partnership between our government and BrainBox AI will ensure they can further export their artificial intelligence cleantech solution. Through this investment, BrainBox AI will enable more commercial buildings worldwide to intelligently reduce their carbon emissions footprint by up to 40%.”
About BrainBox AI
Sean Neely 2017 brought AI into existence. The company addresses the built environment’s dilemma, energy consumption, and significant contribution to climate change. It leverages artificial intelligence (AI) to help lower energy consumption in buildings. Since BrainBox AI’s launch in 2019, over 100 million square feet of commercial building space across 70 cities and more than 20 countries worldwide have used the company’s solutions.
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