Temporal intimed $18.75M Series A Funding to grow its open source community and develop its cloud
20 Oct, 2020
PassiveLogic, a company founded in 2016 with HQ in the Western US and 27 employees as of October 2020, creator of a platform for improving the effectiveness of buildings, has got $16M of Series A investments from Keyframe Capital, Addition, RET Ventures, A/O Proptech and NERP, reaching $19.2M of total investments from 7 investors. The platform helps to solve problems of building control installers. The new money will go for further development of its platform to reimagine the building control systems remaining unchanged for decades.
PassiveLogic’s technology is based on its proprietary digital twin system to assist an AI core in a 12-core CPU to make decisions and control HVAC systems of buildings on the go. Many name the innovations behind the platform ahead of their time for 15 years in the industry. Since it was founded in 2016, PassiveLogic got almost $2M of grants from the USA Department of Energy, NYSERDA (New York State Energy Research and Development Authority), and Swiss HVAC component manufacturer Belimo. The Round was led by KC (one of the core segments that Keyframe invests in is Physical infrastructure innovation), and Addition, that invests in early and growth-stage companies across a wide variety of industries around the world. Other participants include RET Ventures, the first industry-backed early-stage venture fund focused on building cutting-edge real estate technology companies, A/O Proptech, a property technology venture capital firm in Europe, and NREP, the only corporate investor of the Round, that seeks to make real estate better through product innovation, development, and investing.
It is interesting to note, that KC was a lead investor for the direct competitor of PassiveLogic, Aquicore with its SaaS platform providing seamless real-time building intelligence, analytics, and process automation solutions. Aquicore raised $14M from KC, The Westly Group (one of the largest venture funds in North America focused on smart energy, transportation, and buildings), and another PassiveLogic’s investor of Round A, A/O Proptech. Along with its digital twin system, PassiveLogic offers sensors Swarm and Swarm Mini, and it explains the interest from Belimo, which can also bring other investors from the manufacturing and smart building solutions later, like Energy Innovation Capital from San Francisco.