Aquicore announced it has secured $14 million in new funding in a round led by Keyframe Capital with additional participation by A/O Proptech and The Westly Group. This newest round of funding adds to previous investments from Navitas Capital and FifthWall and brings Aquicore’s total capital raised to $33 million.
The financing builds on a good year for Aquicore, which saw expansion, key board appointments, an acquisition and accelerating market momentum. Aquicore will use its newest funding round to continue advancing its cloud-based platform and expand into the European market.
“Aquicore is well on its way to becoming the de facto end-to-end solution for building performance analytics,” says Benjamin Birnbaum, partner at Keyframe Capital who has joined the Aquicore board of directors. “We’re excited to join a great investor group to get behind the team that is unlocking the far-reaching benefits of organized and expansive data for building systems.”
“The world can’t access the economic or energy related opportunities of efficient buildings without broad proliferation of performance analytics,” says Birnbaum. “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. Aquicore is leading the market in changing that. We look forward to what this investment will mean for Aquicore’s ability to accelerate the ways that it creates value for its customers.”
“We’re thrilled to have Aquicore join the A/O PropTech family. With Aquicore, we intensify our journey towards a smarter and greener built world with technology being the enabler for landlords and tenants,” says Gregory Dewerpe, founder and managing partner at A/O Proptech.
“With a low barrier to adoption in terms of cost, diversity of analytics features and workflow orchestration, Aquicore has already established itself as a leader in the U.S. and we look forward to accompanying them as they expand to the European market,” says Dewerpe. “The timing couldn’t be better. With new regulatory initiatives coming into force soon in Europe to reduce carbon emissions, such as RE2020 climate and energy package, Aquicore is a perfect partner platform.”
“In these times of uncertainty, empowering teams with actionable and accurate data has become a top priority for business leaders as they reconfigure their plans,” says Logan Soya, founder and CEO of Aquicore. “Making building analytics easily adoptable for the world unlocks the promises it has held. We are beyond excited to reach this critical milestone for our company with such incredible customers and industry leaders.”