Energy efficiency start-up BuildingIQ has secured $9 million in venture funding, just 18 months after snagging $1.2 million in backing from Commercialisation Australia.
The business, which was launched in 2009, has been backed by a number of investors, including Aster Capital, the venture capital arm of Siemens Financial Services and Paladin Capital.
The money will be used to boost BuildingIQ’s growth and fulfil various energy efficiency projects it has lined up in Australia and North America.
BuildingIQ’s business is centred around CSIRO-developed technology, called OptiCOOL, which has been licensed to the business.
BuildingIQ operates a network that optimises heating and cooling systems in buildings. The technology readjusts every five minutes to alter the amount of energy used depending on factors such as the weather.
As part of the deal, VC executives Todd Dauphinais, Ken Pentimonti and Gerd Goette will be joining BuildingIQ’s board.
The business said it will also be “scaling up its sales and marketing team in the US” to grab a larger slice of the building energy management system market, which is expected to grow to be worth $6 billion globally by 2020.
In July 2011, BuildingIQ was awarded a $1.2 million grant by Commercialisation Australia, an amount which the business had to match via third party investors.
“BuildingIQ is coming off of a spectacular year of growth in 2012 and we have a great pipeline of opportunities for the year ahead,” says Michael Zimmerman, CEO of BuildingIQ.
“This funding from three of the most respected investors in our space – including two of the leading building management system vendors – represents significant validation of our leadership in the sector.”
“Each of these investors brings with them unique strategic channels and relationships that, along with our existing relationships, will help BuildingIQ extend its leadership and execute on our goals for 2013 and beyond.”