Commercial buildings are responsible for 20% all energy used in the U.S. That's why Scientific Conservation Inc. has been so successful in promoting its energy monitoring software for commercial buildings. Last week, the company raked in $15.6 million from the Draper Fisher Jurvetson Growth Fund in a Series B round that will help the company expand its operations.
The SCIwatch platform collects data from building energy management systems to optimize energy efficiency, hunt down problems, predict future energy use, and more. The company explains:
Because system degradation can be extremely hard to detect--especially if the tools being used are not sensitive enough to pick up the slightest of anomalies that impact energy efficiencies--SCIwatch employs neural networks, a commercially proven form of artificial intelligence. This form of advanced mathematics applies a scientific model that increases the accuracy and predictability of system faults that can cost organizations significant money in terms of unnecessary energy consumption and productivity erosion due to system downtime.
According to SCI, the company's software-as-a-service can cut yearly energy costs by up to 25% for commercial users. It's an attractive prospect for building owners seeking out savings and green credentials.
SCI openly admits that it has competition from major players like Honeywell and Johnson Controls. But with so many inefficient buildings in the U.S, there is plenty of room for companies to share the space. "Building optimization practices are growing at a big rate. It's a perfect storm," says Russ McMeekin, SCI's CEO. I do not believe that it's unique to us."