A local startup providing SaaS building analytics for institutions like MIT and Harvard University has brought in new funding.
Clockworks Analytics announced on Tuesday that it closed a $16.1 million funding round led by Carom Growth Partners with participation from existing investor SE Ventures. The company has raised a total of $28 million since it was founded in 2008 within MIT’s Building Science Department.
“We were impressed by the founders’ vision to transform the built environment and how that has developed into a rapidly growing SaaS platform over the past few years,” Matt Tara, managing partner of Carom Growth Partners, said in the release. “Going forward, Clockworks Analytics is a global technology platform that can drive a substantial ROI for building owners and property managers. The long-term vision is for Clockworks to be deployed in every building that has a BAS system which could be further optimized.”
Clockworks previously had an office in Somerville but transitioned to being a fully remote team during the pandemic, a spokesperson told BostInno. The company has 54 employees, a large number of which are still Boston-based, the spokesperson added.
Clockworks has made a number of changes over the last few years, including rebranding from KGS Buildings alongside an $8 million funding round in 2020 and appointing Brian Day as co-CEO alongside CEO and co-founder Nick Gayeski earlier this year.
The company says its fault detection and diagnostics platform gives its customers visibility into issues like building energy consumption, indoor air quality and equipment health. It will also complete root-cause diagnostics and recommend actions.
Clockworks said this technology is built on a form of AI called an “Expert System” which aims to simulate a human expert’s decision-making. The AI is trained and improved as more buildings and equipment are brought online.
In its funding announcement, Clockworks said it had 420,000 connected mechanical assets streaming data every five minutes for clients in over 30 countries.
Clockworks Analytics says its customers span healthcare services, life sciences, higher education, commercial real estate, and mechanical and operations service providers. Additional organizations using Clockworks Analytics’ platform include Kaiser Permanente, Merck and GK Norway. Over the last year, the company reported 278% growth in its channel partner business.
The new capital will be used for product development, investments in sales and marketing and to expand the company’s international presence.
“These new investment dollars give us the capital we need to further accelerate our already strong growth, both in North America and abroad, and to continue to invest in what we believe is the best technology in the FD&D market,” Gayeski said.
Clockworks said its technology can help with energy reductions and operational efficiencies. With its eye toward its international expansion, Clockworks said these benefits will help it address growing carbon pricing and energy costs in Europe, as well as meet ESG regulatory requirements.
“By using our solution, our customers avoided 160,000 tonnes of carbon emissions last year alone,” Day said.
Please view our previous post regarding Brian Day’s placement at Clockworks Analytics.
Howard Fischer Associates helps Clockworks Analytics place Brian Day as Co-Chief Executive Officer