ABB invests in building technology startup BrainBox AI.
ENPNewswire-October 29, 2021--ABB invests in building technology startup BrainBox AI
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Release date- 28102021 - ABB to integrate BrainBox AI's predictive, self-adaptive artificial intelligence with existing ABB Ability portfolio for smart buildings.
BrainBox AI helps building operators reduce energy costs and carbon emissions, without upfront capital expenditure
ABB Technology Ventures leads BrainBox AI's Series A investment round
As part of its ambition to make buildings smarter, safer and more secure while improving energy efficiency and reducing carbon emissions, ABB has announced an investment in Montreal-based startup, BrainBox AI. Launched in 2019, BrainBox AI has pioneered the use of artificial intelligence to reduce energy costs and carbon emissions from Heating, Ventilation and Air Conditioning (HVAC) systems in commercial buildings. Financial details of the investment were not disclosed.
This investment and strategic engagement allow ABB's Smart Buildings division to combine its existing portfolio of digital solutions, particularly the ABB AbilityTM Building Ecosystem, with BrainBox AI's predictive, self-adaptive and scalable cloud-based artificial intelligence. ABB and BrainBox AI are committed to interoperability, allowing customers to use a variety of technologies. The joint offering is available from Q4 2021.
HVAC systems account for most of the energy use and carbon footprint of a typical commercial building while buildings contribute 28 percent of total global energy-related CO2 emissions.* In addition to enabling up to 25 percent reductions in energy costs and 20-40 percent lower carbon emissions, BrainBox AI's deep learning software increases occupant comfort and extends the service life of HVAC equipment - all without upfront capital expenditure.
'Our core focus is on bringing radical change to new and existing buildings with safe, secure, smart and sustainable solutions,' said Oliver Iltisberger, president of ABB's Smart Buildings division. 'I am confident that ABB's investment in BrainBox AI, when combined with our ABB Ability Building Ecosystem, will help us leapfrog current approaches to digital transformation, further reduce energy costs and play our part in addressing climate change.'
'BrainBox AI is excited to be working with ABB, a global technology leader at the core of the energy transition, to further accelerate the deployment of our industry-changing AI-driven...
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