Logical Buildings, a Livingston-based software company, has completed a $3.5 million Series C-1 offering as it continues to invest in developing its SmartKit AI building energy management platform.
The company’s SmartKit AI product optimizes building performance and helps with property management decisions, it said.
“The SmartKit AI platform is increasing property valuations by providing our expanding user base of property owners with new sources of revenue, cost reduction, and improved work-flow management tools. Linking real-time data insights with actionable digital protocols to generate a net increase in NOI is a game-changing capability we provide our clients,” Jeff Hendler, CEO of Logical Buildings, said.
The new funding will also be used to expand partnerships and adopt new geographies.
“The opportunity for utilities is massive. As millions of residential and commercial consumers move to time-of-use energy rates made possible by smart meter deployment over the next few years, the need for engaging, consumer-friendly energy management platforms that incorporate non-utility, IoT data is greater than ever. At the same time, with a growing share of energy generation assets on U.S. grids being intermittent — including wind and solar — energy demand management is an increasingly crucial tool for utility operators to balance local distribution networks,” David Klatt,senior vice president of operations at Logical Building, said.