Runwise raises $19 mln to improve buildings' energy efficiency
03/11/2022 13:00
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Funding round led by Fifth Wall
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Firm to expand operations, develop tech
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Also backed by Rudin, SOJA Ventures
By Juliette Portala
Nov 3 (Reuters) - U.S.-based building technology firm
Runwise said on Thursday it had raised $19 million in a funding
round led by venture capital firm Fifth Wall, as it looks to tap
into growing demand to make properties more environmentally
friendly.
The Series A financing was also backed by several large real
estate owners, including New York's Rudin and SOJA Ventures, the
investment arm of the Swig family that owns Halstead and Brown
Harris Stevens.
Runwise, which has developed wireless sensor technology to
improve heating systems in over 4,000 buildings, plans to use
the money to expand into other utilities such as water and hopes
to start offering its services outside of the United States.
Boosting energy efficiency of older buildings is seen as a
key way to help countries meet their climate goals, although the
pace of change has been slow so far.
"What we figured out is that most buildings (...) are
running on control technology that really hasn't changed since
the 60s or 70s," President of Runwise Lee Hoffman said.
"On a macro level, about 45% of carbon emissions in most
major cities are coming from how buildings operate. So if you
want to address climate, you literally have to start with
buildings," he added.
Doing so has taken on a fresh political impetus in Europe as
heating costs surge in light of the conflict in Ukraine.
European Union lawkmakers last month backed plans to save more
energy, including through renovating draughty buildings.
Greg Smithies, partner and co-head of Climate Tech at Fifth
Wall which raised $500 million earlier this year for a climate
fund, said the real estate industry could need to spend about
$18 trillion over the next 20 years to decarbonise.
(Reporting by Juliette Portala Editing by Simon Jessop and
Mark Potter)
((juliette.portala@tr.com ; +48 587 696 607))