BrainBox secures $20 million and agrees to acquire multi-site retail business
BrainBox AI, the autonomous building technology platform, today announced a US$20 million fundraise to support the continued development of BrainBox AI’s cutting-edge decarbonization technology and its global commercialization efforts.
The company is pleased to name The Government of Québec as a lead investor for $10 million, alongside ABB, a returning lead investor and global partner to BrainBox AI.
“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 decarbonization tool,” shared Sam Ramadori, Chief Executive Officer at BrainBox AI.
“As buildings account for over 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.”
Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister Responsible for Regional Economic Development, and Minister Responsible for the Metropolis and the Montréal Region added: “The technology that BrainBox AI has developed will revolutionize energy consumption in commercial buildings. The adoption by Québec businesses of energy innovations such as the one that Brainbox AI is proposing is indispensable if we are to successfully decarbonize Québec and ensure more efficient use of our resources.”
BrainBox AI is also pleased to announce an agreement to acquire ABB’s multi-site retail (MSR) energy management system integrator business. With the objective of accelerating the decarbonization journey for retailers, BrainBox AI intends to integrate ABB’s MSR business, its experienced team based in New Hampshire, USA, and an installed base of over 12,000 retail locations in its current operations.
Coupled with BrainBox AI’s industry-leading AI optimization technology, the combined offering will help retailers reduce their greenhouse gas (GHG) emissions and utility costs without replacing their existing environmental management system (EMS).
“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”, says Sam Ramadori.
“Ultimately, the journey of delivering a hybrid cloud and on-premise solution will accelerate the transition to next-generation virtualized EMS offerings that will allow retailers to meet and exceed ambitious ESG objectives at scale with a very cost-effective solution.”
Mike Mustapha, President of the Smart Buildings Division at ABB Electrification concluded: “By transferring the MSR business to BrainBox AI, customers can leverage artificial intelligence to achieve better energy efficiency and decarbonization. This fully aligns with our mission to pursue building decarbonization jointly with our strategic partners.”