ProptechM&A / FundingTechnology

PassiveLogic raises $34M, advances autonomous building platform

PassiveLogic, creator of a fully autonomous building platform, announced raising a $34 million Series B led by Addition and Keyframe, according to a press release.

Founded by Troy Harvey and Jeremy Fillingim in 2016, the company is working to redefine autonomous systems technology with the vision of empowering custom design applications.

By developing a product ecosystem that enables autonomous systems from development to deployment, users can more easily control and scale smart buildings. PassiveLogic states that its approach can demonstrate 30% energy savings and a 90% savings in labor related to programming, installation and commissioning compared to conventional solutions.

The company’s software environment, Autonomy Studio, allows users to build models via simple drawing and then generates physics-based digital twins in a new description language called Quantum.

Quantum is a successor to traditional deep learning, powered by PassiveLogic’s AI. It enables real-world objects to understand their behavior and interactions, and learn in place while operating in real-time. By using PassiveLogic’s control hardware, ‘the Hive,’ applications can be deployed to monitor and control smart technology whether it is in the building or part of it.

While the Hive offers connectivity to building systems, it also enables controllers to work together within a building to provide an edge platform for sensors, equipment and IoT. This means that building functions can co-operate, or be controlled, without the need for cloud connectivity.

“PassiveLogic’s platform has unique capabilities to generate a digital twin of a building and utilize new autonomous technologies, machine learning and easily configurable software to help streamline the implementation and management of building controls systems,” Addition investor Todd Arfman stated in the release.

“We’re thrilled to double down and continue our investment in PassiveLogic to modernize today’s building infrastructure and connectivity,” he said.

The company says it will use the new funding to continue modernizing building infrastructure and connectivity, and increase its roster of partnerships moving forward.

The funding raise also introduced RET Ventures, Brookfield Growth and Era Ventures as investors, as well as Europe’s largest proptech VC firm, A/O PropTech. Addition and Keyframe also led the company’s $16 million Series A in October of last year; PassiveLogic has now raised over $53.2 million in funding to date, including a $1.2 million grant by the US Department of Energy.

“The version of ‘machine learning’ in today’s building automation applications lack effective data controls. With PassiveLogic’s solution, we finally have the opportunity to leverage more powerful technology to make an impact in the building market, which accounts for 39 percent of the world’s CO2 emissions,” Keyframe Partner Benjamin Birnbaum stated in the release.

“We are excited to be a part of this funding round to bring a first-of-its-kind solution to the building sector – one that has been starved of innovation [for] far too long,” Birnbaum said.

In other recent proptech news, Acorn Finance raised $8.4 million to fund consumer’s “next home improvement.” BeSmartee also entered the commercial lending market with its recent acquisition of FlashSpread.

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