Sustainability-focused smart building technology startup Infogrid announced that it has raised $90 million in equity and converting CLNs (convertible loan notes), with proceeds aimed at funding the company’s global growth initiatives.
Founded in 2018, Infogrid’s AI-powered platform measures impact and provides actionable insights aimed at helping commercial real estate owners and landlords reach their ESG goals. The company’s platform automates and optimizes facilities and building management, helping to avoid carbon emissions and water and chemical waste, and improving building safety, and provides a real-time view of building data to help building owners and managers to meet sustainability targets and improve employee productivity and well-being.
The financing follows the recent announcement by the company of the acquisition ESG analytics and carbon management platform, Aquicore, and amidst rapid growth for Infogrid, with the company reporting 5x growth in 2022. Infogrid said that the proceeds will fuel the next phase of its growth, including expanding the functionality of its proprietary AI-powered building intelligence platform, and building out its global sales and marketing operations.
Will Cowell de Gruchy, Infogrid founder and CEO, said:
“Sustainability and reducing costs are paramount concerns for our clients today. In the aftermath of Covid there has been a pincer movement of inflation and climate pressures on businesses, leading to widespread concern over the cost and carbon emissions of owning and operating commercial buildings. This created a clear need for solutions that lower costs while reducing the environmental and health damage caused by commercial real estate; Infogrid provides exactly this solution.”
Investors participating in the financing included Original Capital, SoftBank Vision Fund 2, Northzone, TVC, JLL Spark, Committed Capital, Pictet, and several others.
Sean Wright, Investment Principal at JLL Spark, said:
“Building sustainability and health are mission-critical today, yet most commercial buildings live in the dark ages with no data or way to measure basic things like air quality and energy consumption. Infogrid is the only solution in the market that provides the data—and the AI capabilities to harness that data—to take action on building health and sustainability.”