Runwise, a New York-based SaaS company that enables property owners to save money and lower their carbon emissions in centrally-heated buildings, announced that it raised $19 million in Series A funding.
The round was led by Fifth Wall, with participation from several large real estate owners including Rudin Management, SOJA Ventures, The Strykers of Friedman Management, MCJ Collective, Derive Ventures, Helium-3, Silence VC, The Cannon Project as well as Waterman Ventures.
Existing investors include Initialized Capital, Notation Capital, Susa Ventures, and NextView Ventures. This round brings the total equity funding to $24 million.
This investment will allow Runwise to continue expanding its operations and technology to buildings throughout the country, increasing building efficiency, lowering costs, and ultimately reducing fossil fuel emissions.
“There is an aging building infrastructure crisis in the US. 45% of carbon emissions in most cities come from inefficient building operations, and almost all of these buildings are running on antiquated control infrastructure designed in the 1970s,” said Jeff Carleton, CEO of Runwise. “The smart property owners and managers have already realized that what’s good for the climate is now also good for their bottom line. This is why Runwise’s building control platform has already had a transformative impact on carbon emissions and affordability in 4,000+ buildings,” said Lee Hoffman, President of Runwise. “This new capital, combined with Fifth Wall’s large network of owners and operators, is going to help us bring the same levels of operational efficiency and carbon reduction to the rest of the 12 million buildings in the US,” said Mike Cook, Chief Growth Officer of Runwise.
Company: Runwise, Inc.
Round: Series A
Funding Month: November 2022
Lead Investors: Fifth Wall
Additional Investors: Rudin Management, SOJA Ventures, The Strykers of Friedman Management and MCJ Collective, Derive Ventures, Helium-3, Silence VC, The Cannon Project, and Waterman Ventures
Company Website: https://www.runwise.com/
Software Category: Boiler and Heating System Management platform
About the Company: Runwise (fka Heat Watch) is a SaaS company that provides end-to-end boiler monitoring and management system that saves owners money, increases tenant comfort, and radically lowers carbon output across New York City. The company combines a proprietary heat computer and sensor network, machine learning systems, and a team of trained boiler experts, to reduce fuel consumption by an average of 20-25% across over 2,000 buildings in New York City. Runwise's customers include The Related Companies, Lemle & Wolff, Bettina Equities, Winn Residential, and the Lefrak Organization. Runwise's mission is to enable buildings to run more efficiently using intelligent and easy-to-install wireless hardware and software. Runwise's service controls key building systems in thousands of buildings across 10 states.