The company behind cloud-based building analytics platform Clockworks has renamed itself Clockworks Analytics. Concurrently, Clockworks Analytics announced that it has raised an $8-million funding round, bringing the company’s total funding to date to approximately $13 million. The capital round was led by Carom Growth Partners and Evans Capital Management, with participation of existing investor Schneider Electric. Evan Kornack of Carom Growth Partners and Bruce Evans of Evans Capital Management have also joined the Clockworks Analytics board of directors.
With this funding round complete, Clockworks Analytics plans to roll out a wide range of improvements in the coming months, including new business intelligence reporting. The team will also incorporate machine learning into the onboarding process to connect buildings to the Clockworks platform in a more streamlined manner.
Founded as KGS Buildings in 2008 within the Massachusetts Institute of Technology’s Building Technology Department, Clockworks Analytics is a sophisticated software platform that helps facility professionals and their service providers gain visibility into the biggest issues affecting building energy consumption, indoor air quality and equipment health. Its global analysis engine, built on Microsoft Cloud, ingests millions of data points and provides root cause analysis and automated measurement and verification. The technology is deployed in 420 million square feet of property across every building type on four continents.
The issues flagged by Clockworks include those relating to indoor air quality. With its dynamic monitoring of building systems, the software identifies equipment degradation that impacts humidity or ventilation — which experts believe lead to virus transmission — in real time. With COVID-19 currently rampant in most areas across the country, identifying these issues in indoor air quality, which are present in some 5% to 10% of indoor spaces, has become an extremely important public health objective.
“Clockworks Analytics brings data to life, prioritizing the top issues affecting energy performance and indoor air quality across thousands of facilities every day,” said Clockworks Analytics CEO Nicholas Gayeski. “By transforming the building industry with real business intelligence, Clockworks arms facilities teams and service providers with the tools and insights for next-generation facilities management. We’re excited to partner with investors like Carom and Evans – partners who believe in the massive potential of the smart buildings industry and our competitive edge in enabling a new vision of analytics-driven services. This capital raise will allow us to further invest in our core product and scale our ability to serve more and more facilities professionals around the world.”
Clockworks’ clients include MIT, Harvard Business School, Amgen, Kaiser Permanente, HPE and Ericsson.
