Verdigris Announces $6.7M Funding Round With Investments By Jabil And Verizon

SAN FRANCISCO, Oct. 20, 2016 /PRNewswire/ -- Verdigris, an artificial intelligence company powering the world's smartest buildings, announced today an additional $6.7 million round led by Jabil and including participation by Verizon Ventures. The company plans to use the funds to scale manufacturing and customer operations to meet increased customer demand and assist with product rollout.

Other investors in this round include Stanford StartX Fund and existing angels. This Series A extension brings Verdigris' total funding to $16 million to date.

"In an on-demand economy, critical businesses need smarter, more connected buildings. Verdigris offers unprecedented clarity into facility equipment and energy use, saving our customers millions in both annual energy costs and reliability," said Verdigris co-founder and CEO Mark Chung. "We are thrilled that Jabil and Verizon Ventures and the rest of our team of investors see the promise of our AI energy management solution and we look forward to this next phase of growth."

In addition to investing, Jabil plans to roll out Verdigris' AI energy sensor platform in a number of its largest manufacturing sites. Following that, it will roll out Verdigris across its entire portfolio.

"Our partnership with Verdigris exemplifies one of the many ways Jabil is working to innovate a better, more responsive energy future in the smartest, most efficient ways possible," said Joe McGee, EVP Strategic Planning & Development at Jabil. "Verdigris has allowed us to much better understand the drivers of our energy consumption and how we can minimize our demand."

This partnership and funding news comes on the heels of the debut of Verdigris' latest product upgrade, a next-generation smart sensor and metering solution that reduces energy consumption and costs for large buildings.

"Investing in a visionary leader in AI and energy monitoring for commercial and industrial facilities like Verdigris is a very natural step for us," said Mark Smith, Executive Director at Verizon Ventures. "Verizon – through our ThingSpace platform and sales channels, as well as our Venture program – supports entrepreneurs who figure out new ways to use network connected devices for data collection, combined with artificial intelligence, to develop innovative solutions."

Verdigris' patented artificial intelligence platform and sensors transform large, mission critical facilities into living environments. Each sensor wirelessly streams thousands of samples per second from a building's electrical panel into the cloud. The Verdigris artificial intelligence then analyzes these electrical "fingerprints" to automatically optimize building controls, predict future breakdowns, and send users critical notifications about energy use. By analyzing this continuous stream of energy data, Verdigris drives smarter and more responsive building operation, saving customers tens of thousands to millions of dollars annually on energy costs.

Verdigris customers include Autodesk, Honeywell, Hyatt Hotels, Intercontinental Hotels, Jabil, JBS, Marriott, Megabess, NRG, and Starwood Hotels. Verdigris also has a partnership with NASA's Sustainability Base to research the platform's potential for future habitat design and predictive analytics to reduce failure on future missions to outer space.

ABOUT VERDIGRIS
Verdigris is an artificial intelligence and IoT platform that makes buildings smarter and more connected while reducing energy consumption and costs. By combining proprietary hardware sensors, machine learning, and software, Verdigris "learns" the energy patterns of a building. Their software produces comprehensive reports including energy forecasts, alerts about faulty equipment, maintenance reminders, and detailed energy usage information for each and every device and appliance. Verdigris offers a suite of applications that gives building engineers a comprehensive overview, an "itemized utility bill", powerful reporting, and simple automation tools for their facility. For more information, visit www.verdigris.co. 

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SOURCE Verdigris

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http://www.verdigris.co