Enertiv closes $9 million funding round to lead the decarbonization of commercial real estate
- Commonweal Ventures and GroundBreak Ventures lead the round -
NEW YORK, May 20, 2022 /PRNewswire/ -- Enertiv, the operational intelligence platform for commercial real estate, has announced the completion of its latest preferred equity financing, as new and existing investors backed the company to play a leading role in the decarbonization of the commercial real estate industry. Co-led by Commonweal Ventures and GroundBreak Ventures, the new capital allows Enertiv to accelerate the development of the industry's most comprehensive ESG solution.
With building operations responsible for around 28% of all global carbon emissions1, owners and operators are under increasing pressure to decarbonize their portfolios and work towards net zero targets. Enertiv's building operations experts work hand in hand with property teams to reduce resource consumption and operational expenditure. The latest raise positions Enertiv to meet a growing demand for its platform and to further develop the first end-to-end ESG solution, which is built to support a transition from portfolio-level benchmarking, to achieving quantifiable carbon reductions. Enertiv's ESG module goes beyond utility meter data, providing radical transparency into equipment and BMS performance, the indoor environment for health and safety, tenant resource consumption, capital investment decision making, and quantifying how assets are being run by in-house property teams and 3rd party vendors.
The new capital will also allow Enertiv to expand existing core software offerings, including Maintenance, Tenant Billing and Capital Planning, and enhance the company's AI algorithms to further automate insights related to asset level optimization. With Enertiv committed to leading the decarbonization of commercial real estate, any customer adopting Enertiv's software platform will get the ESG module at no cost through 2022.
Connell McGill, CEO of Enertiv, said:
"We're the first generation that's feeling the effects of global warming and the last that will be able to address the problem. As a major carbon emitter, the real estate industry simply has to take action now. To achieve net zero targets, measuring and reporting carbon emissions is not nearly enough. Owners and operators absolutely need to benchmark, report and set targets, but they also need to act, and act fast. At Enertiv, we want to encourage as many owners and operators as possible to shift from measurement to action. That is why we are offering our ESG module at no additional cost this year, and continually developing the tools the industry needs to tackle the climate crisis head on."
"Enertiv is about having access to granular data that identifies where meaningful changes can be made day to day. Enertiv serves as a centralized platform for all ESG reporting, as well as providing real estate operators with the solutions that they need to reduce carbon emissions and optimize performance at the asset level. This latest raise will enable us to further develop our capabilities in this area, as we look to meet the growing demand for our technology."
Said Nate Loewentheil, Founder and Managing Partner of Commonweal Ventures:
"As the commercial real estate industry races to reduce carbon emissions and comply with local and state climate regulations, building owners need the right tools in hand. That's why we are excited to invest in Enertiv. Enertiv's software collects data for its customers and generates insights on when, where, and how to reduce energy and save money at the building and portfolio level. Enertiv's products meet customers where they are, addressing immediate operational challenges, while laying the groundwork for future decarbonization investments."
Scott Kaplanis, Managing Partner of GroundBreak Ventures added:
"Enertiv has built no-nonsense solutions for building owners and operators with a real commitment to using data to improve operations, accelerate NOI and minimize environmental impact. We are extremely excited to back a leadership team that truly understands what sustainability means and knows how to execute."
Commenting on the impact of Enertiv's platform, Ron Becker, SVP of Operations and Sustainability at Brandywine Realty Trust said:
"Enertiv nailed it and we're the benefactors of that. Now we're able to show tenants how they tie into the E in ESG and really create a partnership out of it. That leads to questions about opportunities to find reductions together. They actually called up and said, 'This is amazing!'"
Deployed across +100 million sq ft of commercial real estate, Enertiv directly increases NOI through expense controls, enables owners and operators to do more with less by digitizing operations, and delivers unprecedented visibility into ESG performance and critical infrastructure across entire portfolios. The platform has captured over 18 billion hours of asset and equipment level data, and has delivered 21 cents per square foot in savings, translating to nearly half a billion dollars in net asset value for the industry.
About Enertiv
Enertiv is an operational intelligence platform that delivers transparency from the boardroom to the boiler room. The company enables commercial real estate portfolios to directly increase NOI through expense controls, do more with less by digitizing operations, decarbonize assets, and ultimately increase asset value.
For more information visit www.enertiv.com
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SOURCE Enertiv
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