Clockworks Closes on $16M Capital Raise to Power Energy and Operational Efficiency in Smart Buildings
August 22, 2023
Funding will support Clockworks’ rapid growth, including continued product development, investments in sales and marketing, and international expansion
Boston, MA, Aug. 22, 2023 — Clockworks Analytics, a leading provider of SaaS building analytics, today announced that it has closed a funding round of $16.1 million. The round was led by Carom Growth Partners with participation from existing investor, SE Ventures. This investment brings the company’s total funding to over $28 million since inception, a testament to the momentum and size of the market opportunity.
This financing comes as Clockworks looks to expand its leadership position as the largest fault detection and diagnostics (FDD) platform for the built environment, with 420,000 connected mechanical assets streaming data every five minutes for clients in over 30 countries. Clockworks’ intelligent HVAC analytics helps building teams identify the highest priority energy, comfort, and equipment issues in their buildings, complete with root-cause diagnostics and recommended actions. Built on a form of AI called an Expert System that simulates a human expert’s decision-making, the platform’s diagnostics have been fine-tuned and expanded with each connected building and piece of equipment. Clockworks is leveraging this intelligence to power the next generation of smart, proactive buildings. This latest funding will support continued product development, investments in sales and marketing, and expansion of the company’s international presence.
The company’s clients—across healthcare services, life sciences, higher education, commercial real estate, and mechanical and operations service providers—have completed over 40,000 building tasks to correct issues identified by Clockworks’ diagnostics and identified over 286K tonnes of carbon savings. Clockworks’ investors continue to be impressed by the company’s marquee accounts including MIT, Kaiser Permanente, Harvard University, Merck, and GK Norway, as well as Clockworks’ 278% growth in its channel partner business over the last year.
“Clockworks Analytics is one of the biggest innovators for the built environment,” said Matt Tara, Managing Partner of Carom Growth Partners. “We were impressed by the founders’ vision to transform the built environment and how that has developed into a rapidly growing SaaS platform over the past few years. Going forward, Clockworks Analytics is a global technology platform that can drive a substantial ROI for building owners and property managers. The long-term vision is for Clockworks to be deployed in every building that has a BAS system which could be further optimized.”
Through the energy reductions and operational efficiencies it provides, Clockworks is well-positioned to address many of the industry’s current pain points, including growing carbon pricing and energy costs in Europe, increasing ESG regulatory requirements, and shifting demographics in building operations that include an aging workforce and shrinking talent pools.
“We invest in category leaders addressing large market opportunities. Clockworks Analytics continues to offer unprecedented analytical insight that enables buildings to digitize and optimize asset performance and maintenance, ultimately driving cost savings and reduced energy and carbon impact,” said Amit Chaturvedy, Global Head & Managing Partner, SE Ventures. “As buildings continue to seek better ways to be energy efficient and cost effective, we see an ongoing opportunity for Clockworks Analytics solutions to be used to mitigate hardware failure and simplify operations while providing best in class fault detection software.”
“I’m thrilled with the confidence that our investors are showing in Clockworks. It’s easy to see how our software is having an effect in reducing carbon emissions and energy costs. By using our solution, our customers avoided 160,000 tonnes of carbon emissions last year alone,” said Brian Day, Co-CEO, Clockworks Analytics. Co-CEO Nick Gayeski adds, “These new investment dollars give us the capital we need to further accelerate our already strong growth, both in North America and abroad, and to continue to invest in what we believe is the best technology in the FD&D market.”
Clockworks Analytics is an essential smart building intelligence platform that provides data-driven insights into property operations for facility and energy managers. Through its technology, which is the world’s most widely utilized cloud-based building analytics software, the company proactively identifies inefficiencies and root causes within building systems and prioritizes the most urgent tasks for building staff in real time. By creating an unprecedented level of operational intelligence about a building, Clockworks helps property teams improve the reliability of their buildings’ equipment, while improving air quality and reducing energy consumption and operational costs. To learn more, visit http://www.clockworksanalytics.com
About SE Ventures
SE Ventures is a €1B global venture capital fund backed by Schneider Electric. SE Ventures invests in big ideas and bold entrepreneurs who can benefit from Schneider’s deep domain expertise and global customer reach. Besides providing venture capital, SE Ventures acts as ac commercial accelerant for category-defining companies such as Augury, Claroty, Aquant, AutoGrid, Poka, Scandit, Kojo, Enable, Volta and many other startups spanning energy, mobility, prop-tech, cybersecurity, and industrial automation. To learn more, visit http://www.seventures.com
About Carom Growth Partners
Carom Growth Partners is a growth equity firm focused on investments in high-growth B2B software businesses. We seek to partner with founders who are at an inflection point in their business and seek capital to more rapidly drive expansion into new markets, scale sales and marketing efforts, and execute strategic acquisitions. Entrepreneurial in nature, we seek to make long-term investments to build category-defining businesses. Past investments include Vee24 and WeSpire and we are active in a variety of segments including prop-tech, customer engagement, artificial intelligence, energy efficiency, and payments technology. To learn more, visit https://www.caromgrowth.com/Back to blog