Enerbrain, a scaleup capable of transforming non-residential, energy-wasting buildings into smarter, more sustainable structures using innovative internet of things sensors, actuators, and new algorithms, has closed a new $6.2 million (€5.2 million) funding round.
The round was underwritten by new investors EDF Pulse Croissance, EDF Group’s corporate venture capital fund; Equiter Rif-T, the fund managed by Equiter, dedicated to equity investment in research and innovation projects; and Azimut Digitech Fund, the venture capital fund managed by Azimut Libera Impresa sgr and launched in tandem with Gellify. Also participating were some of the investors already present in the scaleup’s capital, namely IREN, a company operating in the electricity, heat, and gas sectors; Gellify, an innovation platform that connects innovative B2B start-ups with established companies.
The latter, in fact, had underwritten the previous $2.4 million (€2 million) round in 2019. On that occasion, in addition to IREN and Gellify, Controlli, Italy’s leading manufacturer of valves and servo controls for the HVAC (heating, cooling, and ventilation) market, had also entered Enerbrain’s capital; and Boost Heroes, the venture capital investment vehicle founded by Fabio Cannevale.
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Even after this new round, the founders of Enerbrain, Giuseppe Giordano (CEO), Filippo Ferraris, Marco Martellacci, and Francesca Freyria, continue to jointly maintain control of the company
In the operation, Enerbrain has been assisted on the legal side by Bonelli Erede. EDF Pulse Croissance has been supported by the advisors Cross Border Growth Capital and EY Studio Legale e Tributario. IREN UP was assisted by the advisor Italian Brand Factory and by the lawyers of RP Legal. Equiter Rif-T was assisted by in-house counsel Annalisa Aschieri.
The investment round comes on the heels of a record year for Enerbrain, which has seen its revenues grow by more than 300% annually and now boasts an interdisciplinary team of more than 50 people. The new capital will be used to implement the 2021-2023 business plan aimed at strengthening Enerbrain’s position in the international market, developing new business models, and making significant investments in research and development.
CEO Giuseppe Giordano commented: “Our best response to this important transaction is to ensure development by accelerating the implementation of our 2021-23 industrial plan, we will certainly be able to strengthen our position on the market at an international level. With these new resources, we will be able to develop new business models and make decisive steps in research and development.”
In particular, Enerbrain’s solution, which uses IoT technology supported by artificial intelligence, will aim to embrace new applications in the fields of energy transition and improving air quality. Enerbrain’s solution is a scalable technology that can connect with any existing system: it provides remote control of a building’s heating, ventilation, and air conditioning (HVAC) systems using cloud-connected sensors and devices and a proprietary algorithm that uses adaptive and predictive logic to optimize building performance in real-time, delivering results in terms of energy savings, improved occupant comfort, and reduced building carbon footprint.
Michel Vanhaesbroucke, managing director of EDF Pulse Croissance, said, “By investing in Enerbrain, EDF Group reaffirms its commitment to helping combat climate change through concrete and adaptable solutions that can be rapidly deployed to help all sectors of the economy achieve greater sustainability and energy efficiency.”
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First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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