(Photo: Logical Buildings is a smart building software and solutions company based in Livingston, New Jersey. Credit: Logical Buildings)
Livingston, New Jersey-based software company Logical Buildings has completed a $3.5 million Series C-1 offering, and plans to expand its SmartKit AI building energy management platform nationally.
The company says its SmartKit AI platform creates and applies property-specific data to influence property managers’ behavior and converts energy savings opportunities into higher net operating income (NOI) and net asset values (NAV) for existing buildings as well as those under development.
This mobile cloud platform works by synthesizing real-time smart meter utility and grid data with building mechanical and IoT sensor data. The interoperable platform can integrate with existing building management systems, next-generation IoT smart devices, and voice activation services, according to Logical Buildings.
“SmartKit AI enables buildings to talk to our clients with our integration of Alexa voice activation,” said Jeff Hendler, CEO of Logical Buildings. “We are empowering property management to literally communicate with their properties in the most innovative and valuable ways imaginable.”
Logical Buildings, formerly Energy Technology Savings, Inc. or ETS, describes their shareholders as owners and developers of more than $10 billion of multifamily and mixed-use properties.
Their C-1 round was oversubscribed, they said, with 10 new clients adopting the platform and existing clients expanding services, comprising a total of 60 new SmartKit AI contracts and deployments in the fourth quarter of 2018. New clients include Rose Associates, Stonehenge, Bozzuto, Dermot, and L+M Development Partners while expanding clients include AvalonBay, Invesco, and Greystar.
For 2019, the company’s leadership says the goals are to continue growing their Northeast and West Coast markets, and to expand into Texas, Illinois, Florida, and Canadian deregulated markets such as Ontario.
“Energy is a big-ticket expense at any multifamily property, but landlords usually consider electricity that powers common areas and building systems a fixed cost that can’t be reduced,” Hendler told ROI-NJ in December. “Today’s technology refutes that notion.”
We are still accepting submissions for the 2019 Energy Manager Awards. Learn more and submit a project or product here.