BrainBox AI Announces US$10 Million Investment from a Leading European Insurance Group Supporting its Decarbonization Impact
Investment marks the close of BrainBox AI’s US$30 Million fundraising round announced in April
MONTREAL, July 06, 2023 (GLOBE NEWSWIRE) — BrainBox AI, a pioneer in autonomous building technology, today announced the close of its fundraising round at US$30 Million, furthering its mission of delivering scalable AI-driven solutions to decarbonize the built environment. This fundraising round included the participation of ABB, the Quebec Government, and concludes with a US$10 Million investment from a leading European global insurance and asset management provider.
By investing in BrainBox AI, this organization is continuing to execute its mission to stimulate and accelerate the adoption of cutting-edge innovations that have a positive impact on the challenges our world faces. Its support is a direct illustration of its desire to find and invest in pioneering solutions, like BrainBox AI, that are pivotal to saving the planet from climate change.
Sam Ramadori, Chief Executive Officer at BrainBox AI comments “We are moved by the level of participation and support from our partners who believe in the importance of the work that we do. Impactful investments like those of our new European partner are crucial to the longevity of innovators like BrainBox AI and we are excited to welcome them to our investor group. This $30 Million fundraise will enable us to increase the scope and global scalability of our technology for the betterment of our planet.”
Since BrainBox AI’s launch in 2019, its ground-breaking artificial intelligence technology for the built environment has been installed in over 700 commercial buildings, across 20 countries worldwide. This year, the company launched its autonomous decarbonization solution that directly addresses the 38% of global greenhouse gases (GHG) emitted annually from buildings. Its industry defining technology uses deep learning, cloud computing and custom algorithms to empower building owners to drastically reduce their scope 1 and 2 emissions by up to 40%, while decreasing heating and cooling energy costs by up to 25%. Support from this renown European insurance group further validates the need for low CAPEX, high impact decarbonization and energy efficient solutions like BrainBox AI’s.
About BrainBox AI
Founded in 2017, BrainBox AI was created to address the dilemma currently facing the built environment, its energy consumption and significant contribution to climate change. As innovators of the global energy transition, BrainBox AI’s game-changing HVAC technology leverages autonomous AI to make buildings smarter, greener, and more efficient. Working together with our trusted global partners, BrainBox AI supports real estate clients in various sectors, including office buildings, hotels, commercial retail, grocery stores, airports, and more.
Headquartered in Montreal, Canada, a global AI hub, our workforce of over 150 employees, bring with them talent from all sectors with the common thread of being in business to heal our planet. BrainBox AI works in collaboration with research partners including MILA – Quebec AI Institute, the Lawrence Berkley National Laboratory (LBNL), the Institute for Data Valorization (IVADO) as well as educational institutions including McGill University.
For more information visit: www.brainboxai.com
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