Aquicore, a real estate software company that analyzes and makes predictions about building performance in real time, has secured $14 million that it will use to bolstering its cloud-based platform and to expand into Europe.
The new round, led by New York City investment firm Keyframe Capital Partners with additional participation from European venture capital firm A/O Proptech and North American VC fund The Westly Group, adds to prior investments from Navitas Capital and Fifthwall to give Acquicore a total of $33 million in capital raised.
Benjamin Birnbaum, a partner at Keyframe Capital who has joined Washington, DC.-based Aquicore's board of directors, said in prepared remarks that the company is becoming "the de facto end-to-end solution for building performance analytics."
"The world can't access the economic or energy related opportunities of efficient buildings without broad proliferation of performance analytics," Birnbaum said. "While systems and energy efficiency related NOI opportunities have been apparent for decades to real estate owners and developers, without the data to baseline performance, substantiate capital allocation, and drive change to operating behaviors, progress on optimization has consistently failed to live up expectations."
Gregory Dewerpe, founder and managing partner at A/O Proptech, added that Acquicore can help with the transition "towards a smarter and greener built world with technology being the enabler for landlords and tenants."
The timing couldn't be better to expand into Europe right now, he added, noting that new regulatory initiatives are coming into force soon in Europe to reduce carbon emissions, such as RE2020 climate and energy package.
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Ross Todd
Ross Todd is the Editor/columnist for the Am Law Litigation Daily. He writes about litigation of all sorts. Previously, Ross was the Bureau Chief of The Recorder, ALM's California affiliate. Contact Ross at [email protected]. On Twitter: @Ross_Todd.
