PropTech drawing billions in investment from REITs
Verdigris Technologies, a leading developer of artificial intelligence technology (AI) platforms for smart building energy management, has launched a new PropTech solution that enables facility managers to pinpoint device-level causes of energy waste in commercial office buildings and industrial plants.
According to the EIA, on average, $1.51 per square foot is spent on energy in a typical commercial office building which is 22% more than the national average for energy use in commercial buildings at $1.19 per square foot.
The ability to cut energy waste can be a significant means of reducing operating expenses and improving bottom-line for building owners.
Now, California-based PropTech firm Verdigris has created a sensor that can detect the unique electrical signal and energy pattern emitted from equipment ranging from a single light, refrigerator, HVAC system or even coffee pot to identify energy wastage.
The company says its sensors are equipped with device level “x-ray like” capabilities that enable facility managers to see beyond a floor, electrical panels, circuits into to how individual devices are consuming energy.
By separating and identifying individual waveforms corresponding to each device through a process called disaggregation, Verdigris’ sensor technology can help facilities managers to easily identify problems such as dead light bulbs or equipment faults that often result in massive energy loss inside commercial office buildings and industrial plants.
The sensors enable building managers to identify energy management problems that were previously unseen, optimize building efficiency, and avoid costly hardware and maintenance fees.
“We were able to spot times when chillers were running when they shouldn’t be, said Jim Hussey, CEO, Marina Mechanical, a leading provider of HVAC and construction capabilities in the US. “Verdigris is a fantastic tool that provides a phenomenal amount of data. We really liked the granularity of data because it allowed us to drill down and identify the issues that we would not have otherwise been able to catch.”
While identifying dead light bulbs may seem insignificant, researchers at MIT estimate that 30% of all the energy consumed in commercial office buildings is wasted with the majority coming from HVAC heating and cooling costs.
As climate control continues to play a significant role in maintaining workplace productivity and occupant comfort, identifying areas of energy waste can be a considerable driver for reducing costs for building owners.
Unlike other solutions which require installing numerous hardware devices to see rough data, Verdigris’ technology uses a single sensor capable of identifying the energy loss in equipment.
Verdigris says it plans to add this technology through a series of alerts to its core product and use AI to auto-classify or label devices.
The venture-backed company has raised $22 million to date and has a customer base which spans nine countries with more than 80 enterprise clients was named one of the top ten Most Innovative Companies in Energy by Fast Company in 2018.