PassiveLogic Raises $15 million from Brookfield Growth
Brookfield partners with PassiveLogic to bring the first general purpose autonomous platform to the building market.
SALT LAKE CITY, April 12, 2022 -- PassiveLogic, maker of the world's first autonomous building platform, has secured $15 million from Brookfield Growth, the growth technology investment arm of Brookfield. The capital will support the development of a first-of-its-kind autonomous buildings platform that can be used to retrofit buildings of all shapes and sizes, and pave the way for the next 30 years of energy efficiency. PassiveLogic enables buildings and building controls to make independent real-time decisions based on digital twin descriptions.
PassiveLogic is the first general purpose autonomous system platform, unlike single use-case systems marketed in industries like automotive. "An autonomous car will only be an autonomous car, it can't be reconfigured for any other purpose. PassiveLogic's technology can be used for any type of autonomous system the end user wishes to design — including custom use cases," said Troy Harvey, CEO of PassiveLogic.
The company's breakthrough generative autonomy technology opens the door for a broad set of new applications, particularly in the building industry. In industrial applications like buildings, each project is a custom one-off — a unique combination of architecture, engineering, system topologies, and business use cases that traditional automation or deep learning approaches are incapable of solving. PassiveLogic's Autonomy Studio software provides end users a generative design and management environment that executes on the company's Hive Autonomous System hardware.
"To get to the future of real estate, there needs to be a digital platform that can aggregate building data, enable building managers to customize automation controls, and act upon it in real-time. This platform will be the interface for the next generation of PropTech services the market wants to plug into buildings, and will save customers both time and money in deploying automation projects," said Josh Raffaelli, Managing Partner at Brookfield.
PassiveLogic's platform has demonstrated 30 percent energy efficiency gains in the field through optimized real-time control that responds to the dynamic nature of the building environment. Through these direct efficiency improvements coupled with enabling users to add enterprise applications to the platform through their Solution Store, PassiveLogic will help real estate leaders such as Brookfield reach their carbon neutrality goals.
"PassiveLogic has built an incredible array of technologies that address the whole life cycle of the building business. We are reinventing how we design building systems, how manufacturers describe equipment as digital twins, how automation hardware engages with construction professionals — all the way to providing owner-operators with the first high-level tools and API for making new types of building applications," said John Bacus, VP of User Software, who recently joined the company after leading global product at Trimble.
PassiveLogic's roots in building deep technology and commitment to a whole platform approach has set it apart in a market of aging automation platforms, and newer but limited point solutions. "Buildings are the most complex systems in the world, and yet of the four major worldwide players in automation, the newest platform is now already 25 years old. Just think of that, in technology terms, and how much has changed in that time," said CTO at PassiveLogic, Jeremy Fillingim.
PassiveLogic is changing the future of the built environment by powering autonomous building systems and providing the foundation for smart cities. They have reimagined how we design, build, operate, maintain, and manage our buildings using revolutionary "deep physics" Digital Twins, and AI-enabled future-forward controls, and made this technology accessible to all kinds of buildings, big and small, new construction and retrofit. In a world increasingly impacted by climate change, PassiveLogic has developed a way to save one-third of building energy consumption by making buildings truly intelligent.
For more information, please visit passivelogic.com.
To join PassiveLogic in building the future, visit passivelogic.com/careers/
Brookfield (NYSE: BAM, TSX: BAM.A) is a leading global alternative asset manager with approximately US$690 billion of assets under management across real estate, infrastructure, renewable power and transition, private equity and credit. Brookfield owns and operates long-life assets and businesses, many of which form the backbone of the global economy. Utilizing its global reach, access to large-scale capital and operational expertise, Brookfield offers a range of alternative investment products to investors around the world—including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.
Brookfield Growth is the technology investment arm of Brookfield. Founded in 2017, Brookfield Growth seeks to partner and invest growth equity into market-leading technology companies that can leverage the diverse real assets and operating businesses that make up the $690 billion Brookfield economy.
For more information, please visit brookfield.com/brookfield-growth