Redaptive Launches Building Energy Management Technology Platform
August 2, 2023 by sustain3
Redaptive, an Energy-as-a-Service provider, has unveiled Redaptive ONE -- a digital platform that "tracks and analyzes building energy use data to provide actionable insights for facility managers and energy and sustainability professionals," the company said.
The solution assesses building performance, simplifies sustainability reporting, and helps to maximize energy savings, the company said. Customers, in turn, saving on average 50% on reporting costs and time to gather and interpret the data, in addition to saving between 5%-15% on utility spend, Redaptive asserted. Pricing for the platform was not disclosed.
In addition to the software platform, the system requires meter installs to measure electricity, water, and gas, Redaptive noted. A related Sustainability Data Module allows customers to manage energy reporting and benchmarking, the company said. We don't know if the solution is multi-tenant for partners that want to manage multiple customers.
In a prepared statement about the launch, Redaptive CEO Arvin Vohra (pictured, top of page) said: "Dozens of our customers, like WPT Capital Advisors, have been great first adopters of our Redaptive ONE platform, and we're extremely excited to bring this much-needed technology to the market. As we continue to expand the capabilities of Redaptive ONE, we can further empower customers to drive meaningful change and unlock a sustainable future."
Redaptive Business Background
Redaptive is a late-stage technology startup. The company raised Series E funding in May 2023. Reaching a Series E round is rare. Startups are typically acquired or go public around or before that stage. However, few companies have launched IPOs (initial public offerings) amid rising interest rates in recent months.
The latest Redaptive funding round was $250 million, according to multiple third-party reports. Key investors include Linse Capital, Canada Pension Plan Investment Board (CPP Investments), Honeywell, and CBRE, among others.
Redaptive, based in Denver, Colorado, was founded in 2015. The company had 305 employees listed on LinkedIn as of August 2, 2023.
Building Energy Management Market Growth Forecast
Demand for building energy management systems appears steady to strong, depending on which market forecast you potentially believe. For instance:
The global building automation and control system market will reach $168.8 billion by 2031, up from $87.3 billion in 2022, Transparency Market Research forecast. That's a compound annual growth rate (CAGR) of 7.9%, the firm said.
Spending on building management systems is expected to reach $19.25 billion in 2023, up from $6.65 billion in 2016. That's a 16.7% compound annual growth rate (CAGR) during the forecast period, according to MarketsAndMarkets.
May 2023: BrainBox AI raised $20 million, led by CEO Sam Ramadori, to further develop autonomous building technology -- which improves the performance of HVAC (heating, ventilation and air conditioning) systems. Around the same time, BrainBox AI acquired a multi-site retail (MSR) energy management system integrator.
February 2023: Power management company Eaton and IES partnered to assist customers with sustainable building strategies. The effort involves digital twin technology -- which allow customers to see and analyze a 3D digital representation of their buildings and supporting infrastructure.