Building control technology provider Runwise announced that it has raised $55 million, including $30 million in a Series B round, and $25 million in debt financing, with proceeds from the capital raise aimed at scaling its platform to cut building energy costs and carbon emissions.

Founded in 2010 by Jeff Carleton, Lee Hoffman, and Michael Cook, New York-based Runwise provides solutions aimed at making buildings smarter, more efficient, and cost-effective. The company’s platform combines wireless technology and hardware and cloud-based software to automate building operations to help building owners and operators reduce energy use and costs, while improving reliability, comfort, and control.

According to Runwise, its platform has been installed in more than 10,000 buildings across the U.S., and has to date delivered over $115 million in energy cost savings and has cut carbon emissions equivalent to more than 100,000 cars.

The company said that the new capital will be used to support product innovation, team expansion, as well as entry into new core markets across the U.S. and globally.

Jeff Carleton, CEO & Co-Founder of Runwise, said:

“Most buildings—old and new—still run on 1960s technology, wasting billions of dollars, making living and working in cities less safe and comfortable, and generating massive amounts of CO2.”

Lee Hoffman, President & Co-Founder of Runwise, added:

“Every building needs to be rebuilt with software, not bricks. That’s what we’re doing at Runwise, transforming outdated infrastructure into intelligent systems that can be installed in a day, paid back in months, and scaled across entire portfolios.”

The Series B round was led by Menlo Ventures, with the debt financing from Multiplier Capital. Additional investors participating in the round included new investors MassMutual Ventures, Nuveen Real Estate, and Munich Re Ventures, and returning investors Soma Capital, Alumni Ventures, Helium-3, Cooley, and Fifth Wall.

Steve Sloane, Partner at Menlo Ventures, said:

“Over the next decade, there will only be two types of companies: those that drive AI innovation and those that enable AI to transform the physical world. Runwise is perfectly positioned at the intersection of these forces, bridging the critical gap between AI and the built environment. Their platform is fundamentally changing how buildings operate, creating smarter, more sustainable spaces at scale. We’re excited to partner with Runwise as they bring this transformative tech to new heights.”