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Cortex Intel raises $6M Series A

(Credit: Simon Property Group)

Cortex Intel has raised a $6 million Series A round led by 4490 Ventures. The building analytics startup helps decarbonize commercial buildings.

How it Works: Cortex captures thousands of data points from disparate building and external data sources (e.g. BMS, meters, sensors, occupancy, weather, historical utility bills and rate information). The technology then makes specific recommendations to engineers to improve the operation of the building.

Worth Noting: Over 50 million square feet of buildings use the company’s technology, including the Empire State Building. With the new funding, the seven-year old firm plans on doubling its employee base from 15 to about 30 by the end of the year, hiring in Nashville, New York, and Washington, D.C. Cortex will also be investing in software and machine learning.

Heard on the Street: CEO and Founder Bryan Bennett: “I’m incredibly excited for this milestone, which brings validation to our pure software and machine learning approach. More importantly, our Series A allows us to continue to invest in driving more value for our customers by expanding our software capabilities – all with an eye towards increasing the financial and sustainability impacts we can make together. Our clients are saving 5x our fees today, with no upfront investment in sensors or equipment upgrades, and I think this is just the beginning.” [PR+CB]

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