A Sydney-based software company using machine algorithms to monitor building maintenance and carbon emissions has secured $10 million in a Series A round led by Five V Capital.
Continuous Intelligent Monitoring (CIM) has also received support from Carthona Capital and backing from property executives such as Mark Steinert, who is the former CEO of Stockland (ASX: SGP).
The company has already established a presence in Europe, but the capital injection will support an expansion into Asia and North America. In addition, the raise will help double CIM’s staff headcount of 70 over the next 12 months.
“The built environment accounts for approximately 40 per cent of all carbon emissions globally and our goal is to help the sector reduce more than one gigatonne of emissions,” CIM founder and CEO David Walsh said.
“I’m excited to initiate the next stage of our growth and [get] closer to our vision of positively impacting the daily lives of the two million facilities managers currently managing buildings globally.”
Founded in 2015, CIM’s software platform – known as PEAK - integrates building intelligence, machine learning and technical engineering support to improve efficiency and sustainability across property portfolios.
PEAK continuously monitors critical operational activities for all building equipment, immediately identifying any failure, major anomaly or tuning opportunity. From there, property teams can collaborate in real-time via a centralised workflow to quickly resolve issues.
CIM currently services Australian and global clients including Charter Hall (ASX: CHC), Intel, Scentre Group (ASX: SCG), Lendlease (ASX: LLC), Dell, QIC and The GPT Group (ASX: GPT).
Four months ago, CIM was contracted to provide analytics and systems monitoring for 16 buildings in Lendlease Investment Management’s Australian office portfolio.
The company has been engaged to monitor locations such as International Towers at Barangaroo, Darling Quarter and Darling Square in Sydney; and 485 Latrobe Street and Melbourne Quarter in Melbourne.
Since 2017, CIM has also been in partnership with one of Australia’s largest property management companies, CBRE.
“CIM is unique in that it solves three problems at once," Ed Bigazzi from Five V Capital said.
"First, it reduces the carbon footprint for a building which moves us towards net-zero and makes the building more valuable. Second, it saves the building owner running costs and improves the bottom line. And third, it closes the loop between detecting a fault and fixing a fault through smart workflow.
“We see a significant global market opportunity, and we are still in the very early innings.”
QIC national capital and planning manager Damien Stacey said that scheduled maintenance is now a thing of the past as the data helps determine precisely when and where maintenance is needed.
“We can now actively anticipate and prevent breakdowns which means equipment is more likely to last its specified lifespan and we don’t have to resort to costly fixes or replacements.” Stacey added.
CIM was advised by the Jarden Technology Investment Banking team led by Bryce Thompson and law firm HFW led by Aaron Jordan.
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