Aquicore Inc., whose software platform helps building owners monitor energy usage, has raised $14 million in new funding, nearly doubling its total intake and capping a year of growth for the D.C. firm.
This latest round was led by Keyframe Capital Partners, a New York investment firm that was accompanied by A/O Proptech, a real estate data firm based in the U.K., and Silicon Valley venture firm The Westly Group. They joined previous investors Navitas Capital and Fifth Wall, both Los Angeles-based firms, to bring total lifetime funding for Aquicore to $33 million, the company said.
The firm — which said its technology is being used on more than 1,000 commercial buildings nationwide and whose client roster includes the likes of Cushman & Wakefield Inc., JBG Smith Properties, Lincoln Property Co., MRP Realty and the World Bank — said it plans to use the new funding to build on its software platform and push into the European market. Aquicore hopes to break into that market as it faces new environmental regulations for buildings, in the form of RE2020.
This funding comes on the heels of Aquicore's new expanded headquarters in downtown D.C., at 401 Ninth St. NW, tripling its footprint into 16,710 square feet. That, in turn, followed the company's acquisition of Florida-based building data analytics firm Entic, boosting the combined company's staff to 65 people and bringing into Aquicore's fold Blackstone's real estate portfolio.
Aquicore, which was birthed in the 1776 incubator in 2013 by founder and CEO Logan Soya, said the pandemic has seen more building owners be more conscious of energy costs and the need to bring them down.
“In these times of uncertainty, empowering teams with actionable and accurate data has become a top priority for business leaders as they reconfigure their plans,” Soya said in a statement Wednesday.
But it's also an industry that's well-stocked with rivals, including big brands such as Honeywell, Siemens and Johnson Controls, as well as Verdigris Technologies and even fellow D.C.-based Cortex Building Intelligence.
Editor’s Note: This story first appeared in the Washington Business Journal. See the original post here.
