SEPTEMBER 2, 2015 – Aquicore announced today it closed a $3.1 million funding round, led by global startup incubator and seed fund 1776. Offering comprehensive building energy analytics and process automation solutions, Aquicore has become known as a technology leader in real estate’s emerging Internet of Things economy.
1776’s investment in Aquicore is one of the first for 1776 since its Seed Fund closed in early July. With this funding round, Aquicore, which has shown significant traction after launching in 2013, will continue expansion into key markets across the country.
“Today there are nearly 6 million commercial and industrial buildings in the United States operating with limited energy insights because their utility meters are disconnected and hidden in basements,” said Aquicore founder and CEO Logan Soya. “We want to ‘light up’ these 250 million meters, bringing data online to provide real-time, actionable intelligence. Doing so could save an estimated $40 billion annually and significantly reduce greenhouse gas emissions—cutting nearly 30 percent of unnecessary consumption.”
“Multiple stakeholders responsible for building operations and management need the intelligence provided by Aquicore to operate more efficiently,” added Soya. “This round of funding will help us to reach those people and make a real impact on both the U.S. energy economy and the real estate industry.”
Since its founding, Aquicore’s solution has been deployed in over 500 buildings across the country to streamline building operations, optimize energy efficiency and lower utility costs – including properties owned by MRP Realty, Douglas Development and The Tower Companies. The company, which started with five team members in 2013, has grown to 28 today.
“Aquicore has a transformative and highly scalable model to enable commercial property owners to rethink how they manage their energy and water consumption,” said 1776 co-founder Evan Burfield. “It’s clear that Aquicore is poised for significant future growth, and 1776 is proud to lead this funding round.”
1776’s investment in Aquicore is the first of a handful of investments since closing on its Seed Fund, which makes early stage investments in startups that combine a massive opportunity for financial success and the potential to transform industries that are most essential to citizens. The fund focuses on startups in the most broken, entrenched industries that impact millions of lives every day—education, energy & sustainability, health, transportation, and cities.
Aquicore offers comprehensive energy analytics and process automation solutions for commercial real estate. An emerging leader in energy management systems, Aquicore provides software that automatically reads and compiles data from utility meters and submeters in real-time. Building owners, managers, and engineers as well as sustainability teams use solutions by Aquicore to automate processes, improve energy efficiency, and eliminate energy waste. The company’s solutions include an energy analytics platform, an automated utility invoicing system, and a meter management tool.
Founded in 2013 by Logan Soya, Aquicore technology is now deployed in over 500 buildings across the United States. For more visitwww.aquicore.com.
1776 is a global incubator and seed fund that finds promising startups focused on solving the world’s most fundamental challenges and helps engineer their success. 1776 focuses on startups in the most broken, entrenched industries and sectors that impact millions of lives every day – specifically education, energy, health, and cities.
Because solving big challenges in entrenched industries requires a different approach, 1776 is revolutionizing the startup landscape. From its hub in Washington, D.C., it is sparking a global movement of ‘problem-solving’ startups through its Challenge Cup and Startup Federation, the premiere network of incubators throughout the world.
1776 was founded in February 2013 by Donna Harris, a serial entrepreneur and the former Managing Director of the Startup America Partnership, and Evan Burfield, founder of netDecide, a provider of enterprise wealth management solutions, and the consulting firm Synteractive.