Reducing Emissions and Cutting Energy Costs: Runwise Secures $55 Million Funding for Building Efficiency
Runwise Raises $55 Million to Revolutionize Building Operations
Runwise, a building control technology provider based in New York, has announced a significant fundraising round of $55 million. The investment, which includes a Series B round of $30 million and $25 million in debt financing, will be used to drive product innovation, team expansion, and entry into new core markets across the US and globally [1].
Founded in 2010, Runwise has been at the forefront of changing how buildings operate, creating smarter, more sustainable spaces at scale. Their platform, a unique combination of wireless technology, hardware, and cloud-based software, automates building operations, making buildings more efficient and cost-effective [2].
To date, the platform has been installed in over 10,000 buildings across the US, with a focus on the Northeast. Runwise's system substantially reduces energy usage, leading to energy cost savings of over $115 million and cutting carbon emissions equivalent to more than 100,000 cars [4].
Steve Sloane, Partner at Menlo Ventures, expressed excitement about Runwise's position and potential impact, stating, "Runwise is perfectly positioned at the intersection of AI innovation and the built environment." Menlo Ventures led the Series B round, with additional investors including MassMutual Ventures, Nuveen Real Estate, and Munich Re Ventures [6].
Returning investors include Soma Capital, Alumni Ventures, Helium-3, Cooley, and Fifth Wall. Runwise's platform improves tenant comfort, reduces tenant complaints, and optimizes fuel savings by focusing on dynamic, real-time data-driven management [4]. The company also emphasizes customer support, working closely with diverse property owners to tailor energy-efficiency solutions and meet specific needs.
Recently, Runwise partnered to launch a new energy-efficient building control ecosystem, indicating ongoing innovation and expansion of their platform [5]. The CEO & Co-Founder of Runwise, Jeff Carleton, highlighted the need for modernization in the building industry, stating, "Most buildings still run on 1960s technology, wasting billions of dollars, making cities less safe and comfortable, and generating massive amounts of CO2."
With this new funding, Runwise is poised to continue its mission of making buildings smarter, more efficient, and more sustainable, ultimately contributing to a greener and more energy-efficient future.
[1] TechCrunch. (2022). Runwise raises $55M to make buildings smarter and more sustainable at scale. [online] Available at: https://techcrunch.com/2022/03/15/runwise-raises-55m-to-make-buildings-smarter-and-more-sustainable-at-scale/
[2] Runwise. (2022). About Us. [online] Available at: https://runwise.io/about/
[3] Multiplier Capital. (2022). Multiplier Capital Announces $25 Million Debt Financing for Runwise. [online] Available at: https://www.multcap.com/news/multiplier-capital-announces-25-million-debt-financing-for-runwise
[4] Runwise. (2022). Our Impact. [online] Available at: https://runwise.io/impact/
[5] Runwise. (2022). Press Releases. [online] Available at: https://runwise.io/press/
[6] Menlo Ventures. (2022). Runwise. [online] Available at: https://www.menlovc.com/portfolio/runwise/
Scientists at Runwise, with their innovative technological solutions, are aiming to modernize the building industry, moving beyond the inefficient 1960s technology that currently waste billions of dollars and generates massive amounts of CO2. The environmental science and technology-focused company, backed by investments in finance from Menlo Ventures, MassMutual Ventures, Nuveen Real Estate, and Munich Re Ventures, is using the raised funds to drive product innovation, team expansion, and global entry in core markets.
