Verdigris Raises $9M to bring IOT to Commercial Facilities
MOFFETT FIELD, Calif., March 24, 2016 /PRNewswire/ -- Verdigris, whose IOT platform helps commercial facilities avoid downtime and reduce energy consumption, has raised $9M in financing. The recent funding which completed in December 2015 includes Jabil Circuit, Stanford-StartX Fund, Founder.org Capital, Data Collective and angel investors.
Verdigris customers include Starwood Hotels Group, Hyatt Hotels Corporation, and Flextronics. Accelerated at StartX and Founder.org, Verdigris combines proprietary hardware, artificial intelligence, and software applications to deliver real-time recommendations for boosting the operational and energy efficiency of commercial buildings.
In the past six months, Verdigris has achieved increased traction in hospitality, manufacturing and commercial property verticals, with 5x growth in the number of subscribing customers, and 75% of budget-qualified pilot customers converting to paying contracts.
"For anyone who's interested, where data is top of mind, I would definitely recommend Verdigris," said Juan Bueno, General Manager of the Orchard and Orchard Garden Hotels in San Francisco. "Verdigris's data allows me to find critical problems I can't see on my daily walkthroughs."
Jabil Circuit, a leading global manufacturing services company, led the round, and has designated Verdigris as a partner in its strategic initiatives.
"Internet of Things and resource conservation are two important global trends affecting our clients daily," said David Kipling, Vice President Corporate Investments, Jabil Circuit. "Addressing these simultaneously is unique. Verdigris's service brings buildings to life in a way not possible without IoT and their innovative analytics. We investigated the building analytics landscape. We found nothing that compared to the accuracy, granular data and analytics Verdigris has developed. Verdigris's stunning vision for actionable data is a best-in-class example of the potential of IoT in energy. We are keen to support their impressive team to bring Verdigris to the market and support their ultimate success."
Jabil will also serve as Verdigris's partner for manufacturing, providing world-class supply chain, logistics and fulfillment services.
Verdigris's suite of applications let facility and operations teams move beyond "firefighting," so they can proactively improve operational outcomes. Once attached to a facility's electrical panel, Verdigris smart sensors sample at extremely high frequency, every hour gathering hundreds of millions more data points than a utility smart meter. Verdigris transforms this information into a "virtual physical data layer," from which it derives intelligent energy forecasts, motor fault sensor streams, and device level energy information.
Verdigris was founded by Mark Chung and Jonathan Chu, who together designed the Netlogic XLP Processor, which became the market leader for global 4G/LTE mobile infrastructure. Netlogic sold to Broadcom for US 3.7B in 2011. Mark's graduate research was scaling memory systems architectures at Stanford. Jon's graduate research was artificial intelligence and robotic systems with dual masters in computer engineering and public policy. Mark and Jon cofounded Verdigris in a garage after a disagreement about what was contributing to an astonishingly high energy bill.
About Verdigris
Verdigris is a responsive energy intelligence platform for commercial facilities that learns from buildings to deliver unique, actionable insights that improve operational efficiency. Verdigris is located in Silicon Valley at the NASA Ames Research Park at Moffett Field.
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SOURCE Verdigris
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