Schneider Electric upped investment in smart building startup
Clockworks Analytics announced that it has raised an $8-million funding round, bringing the company’s total funding to date to approximately $13 million, the company said in a release.
The firm said that the capital round was led by Carom Growth Partners and Evans Capital Management, with participation of existing investor Schneider Electric.
Founded as KGS Buildings in 2008 within the Massachusetts Institute of Technology’s Building Technology Department, Clockworks Analytics is a software platform that helps facility professionals and their service providers gain visibility into the biggest issues affecting building energy consumption, indoor air quality and equipment health.
With its technology deployed in 420 million square feet of property across every building type on four continents, Clockworks Analytics said that its Fault Detection and Diagnostics system has helped facilities teams reduce energy use, improve air quality and enhance the reliability of building equipment.
In detecting issues and diagnosing their root causes, the technology helps building teams work in a more predictive manner: prioritizing the most pressing issues and performing maintenance activities that avoid equipment degradation and failure, thereby reducing associated costs.
The issues flagged by Clockworks include those relating to indoor air quality. With its dynamic monitoring of building systems, the software identifies equipment degradation that impacts humidity or ventilation.
“Clockworks Analytics brings data to life, prioritizing the top issues affecting energy performance and indoor air quality across thousands of facilities every day,” said Clockworks Analytics CEO Nicholas Gayeski. “By transforming the building industry with real business intelligence, Clockworks arms facilities teams and service providers with the tools and insights for next-generation facilities management. We’re excited to partner with investors like Carom and Evans – partners who believe in the massive potential of the smart buildings industry and our competitive edge in enabling a new vision of analytics-driven services. This capital raise will allow us to further invest in our core product and scale our ability to serve more and more facilities professionals around the world.”
Clockworks has achieved significant market penetration in the educational, medical and corporate real estate sectors, with clients including MIT, Harvard Business School, Amgen, Kaiser Permanente, HPE and Ericsson.
With this funding round complete, Clockworks Analytics aims to accelerate its product roadmap. The firm said that it will be incorporating machine learning into the onboarding process to connect buildings to the Clockworks platform.
Evan Kornack of Carom Growth Partners, said: “By taking existing fault detection technologies to the next level, Clockworks is truly reshaping how buildings are monitored and maintained — not on a small level, but within thousands of buildings in 30 countries. With a cloud-based system that enables the team to be nimble in deploying the platform and upgrading protocols, Clockworks Analytics represents the rare scalable business model that can already boast significant market penetration.”