ImpactAlpha, May 18 – New York-based Cortex Intel’s machine learning technology helps commercial building engineers run equipment more efficiently. Currently, buildings with more than 50 million square feet use the company’s software, including the Empire State Building.
The energy-efficiency market “has taken a long time to develop in terms of the value of energy savings,” Dan Malven of 4490 Ventures, which led the round, told Crunchbase. “The adoption by property owners is going to increase quite dramatically over the next couple of years.”
The $6 million raise brings Cortex’s Series A to $11 million. Midwest venture firm 4490 Ventures backed Cortex amid a flurry of climate-tech dealmaking.
Venture capital deals into climate technologies reached a record $16.4 billion in 2020, according to Pitchbook.