Technology and equipment firm ABB is investing into a Montreal-based startup which helps businesses use artificial intelligence to reduce energy costs and carbon emissions.
ABB’s Smart Buildings division will combine its digital solutions, including ABB Ability Building Ecosystem, with BrainBox AI’s predictive and cloud-based solution. Brainbox AI uses its tools to reduce energy use from heating, ventilation and air conditioning (HVAC) systems in commercial buildings.
“Our core focus is on bringing radical change to new and existing buildings with safe, secure, smart and sustainable solutions,” said Oliver Iltisberger, president of ABB’s Smart Buildings division. “I am confident that ABB’s investment in BrainBox AI, when combined with our ABB Ability Building Ecosystem, will help us leapfrog current approaches to digital transformation, further reduce energy costs and play our part in addressing climate change.”
HVAC systems account for most of the energy use and carbon footprint of a typical commercial building while buildings contribute 28 percent of total global energy-related CO2 emissions. Brainbox AI says its deep learning software can generate up to 25 percent reduction in energy costs and 20 to 40 percent lower carbon emissions.
Financial terms of the Series A round investment were not disclosed. The joint offering is available beginning with this quarter.
