Seed Funding Round for AI Sustainable Commercial Building Design and Lifecycle Management Platform
Israeli tech startup BeamUP has raised US $15 million of seed funding from StageOne Ventures and US-based Ibex Investors to market its AI platform for sustainable design and lifecycle management of commercial real estate.
The company which is also being supported by prominent business angels including Chano Fernandez, the CEO of Workday, utilises patented AI technology to streamline and unify the design, maintenance and operations processes for enterprise real estate, reducing design time from weeks to days and driving operational excellence.
Already working with several Fortune 100 companies, BeamUP generates digital models of facilities to reduce system and infrastructure design time from months to days and improve management efficiency by a claimed 70 per cent. The technology also cuts ongoing operational costs associated with manual processes, errors, rework and reduces the risk of compliance and regulatory breaches.
Enterprise real estate is a trillion dollar industry. Commercial facilities’ systems – including security, IT, IoT, electrical and HVAC – account for around 40 per cent of a building’s entire construction cost and 40% of the world’s energy consumption. Low compliance rates with building energy codes (less than 50% in many jurisdictions) results in inefficient, wasteful facilities.
Traditionally, facility design and operation has largely remained manual, generating disparate formats and desktop-bound files which are difficult to store and maintain. This leads to planning errors and discrepancies between design documentation and data with what exists in reality. The result: dangerous and expensive compliance issues, outages and inefficiencies.
Stephane Levy, CEO and founder of BeamUP, explains: “Buildings and the systems within them are as complex as cities, but the tools to design and manage them have not kept up. By introducing intelligence and historic and macro level data into this industry, BeamUP automates manual processes to prevent dangerous compliance breaches and skyrocketing costs for enterprises who manage hundreds, if not thousands, of facilities.”
The initial seed financing will be used to scale sales, marketing and operational departments as it rapidly expands globally with leading enterprise organizations.
“Beyond initial design and install, facilities must be managed, maintained and updated over time. Early on, we identified BeamUP as uniquely positioned to tackle both of these problems and it has been great to work with the team as they upgrade a desperately outdated ecosystem,” says Nate Meir, partner at StageOne Ventures. “BeamUP has demonstrated impressive traction with global customers who are automating these processes to improve operations and significantly cut costs, year over year.”
Gal Gitter, partner at Ibex Investors, adds: “Every so often we come across a company that challenges the status quo. AI startups like BeamUP are enabling the US $1.1 trillion commercial real estate industry to apply data to the age-old problem of the management of enterprise facilities which have a significant impact on a company’s bottom line as well as on carbon emissions.”
Visit https://www.beamup.ai for additional information.