ProptechM&A / FundingReal Estate TechTechnology

PassiveLogic raises $15 million from Brookfield Growth

PassiveLogic, a startup creating a fully autonomous smart building platform, announced raising $15 million in venture funding from Brookfield Growth, the growth tech investment arm of Brookfield, according to a press release.

The company says the capital will be used to support the development of its autonomous building platform to help retrofit buildings of all sizes and sectors, which it says can “pave the way for the next 30 years of energy efficiency.”

Through the use of digital twins, PassiveLogic’s platform enables buildings and their control systems to monitor themselves and make independent, real-time decisions based on internal component data. This “general purpose autonomy” system means that end users have access to a generative design and management environment, executed via the company’s Hive system hardware.

“To get to the future of real estate, there needs to be a digital platform that can aggregate building data, enable building managers to customize automation controls, and act upon it in real-time. This platform will be the interface for the next generation of PropTech services the market wants to plug into buildings, and will save customers both time and money in deploying automation projects,” said Josh Raffaelli, Managing Partner at Brookfield.

So far, PassiveLogic’s platform has shown 30% energy efficiency gains in the field, by optimizing real-time controls in respond to the building’s environment. The company says that when these efficiency improvements are coupled with enterprise applications within its Solution Store, PassiveLogic will help real estate leaders reach their carbon neutrality goals.

The company raised a $34 million Series B, led by Addition and Keyframe Capital Partners, in January 2022. Brookfield also contributed to that fundraise, alongside RET Ventures, Era Ventures and A/O PropTech. PassiveLogic has now raised over $68 million to date, including a $1.2 million grant by the U.S. Department of Energy.

At that time, the company also stated a 90% savings in labor related to programming, installation and commissioning compared to conventional solutions. There is also roughly $65 billion worth of distributed building control systems nearing the end of their life, according to market research by ARC Advisory Group.

While the startup is still in pre-product stage, PassiveLogic plans to enter beta and production later this year, according to TechCrunch. It currently has a workforce between 70 and 80 employees and expects to grow to 140 by the end of the year.

In other recent proptech news, Splitero raised a $5.8 million seed round for its platform which enables property owners to access their home’s equity. Blend Network also secured $156 million for its Origination-as-a-Service initiative.

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