BuildingIQ Doubles Revenue in Q4, Strong Finish to a Successful Year
Cloud-based energy management software company quadruples recurring revenue throughout the year and saves customers more than $1.5 million in energy costs
SAN FRANCISCO--(BUSINESS WIRE)--BuildingIQ, a leading energy management software company, today announced its financial results for the fourth quarter, concluding a strong 2013 fiscal year. Recurring revenue doubled in the fourth quarter with a record level of bookings that totalled over $900,000. BuildingIQ also more than doubled the amount of buildings under management in the fourth quarter.
“Our commitment to creating tangible, verified savings for our customers has really created an impressive amount of momentum for our company moving into 2014”
“Our commitment to creating tangible, verified savings for our customers has really created an impressive amount of momentum for our company moving into 2014,” said Michael Nark, president & CEO of BuildingIQ. “Throughout the year, customers have committed over 5.5 million square feet of commercial space for us to manage, 60 percent of which was added in the fourth quarter alone. This square footage is a combination of a variety of different spaces, including resorts, casinos, education facilities and our first healthcare facility.”
BuildingIQ’s role in NV Energy’s mPowered customer program proved instrumental in 2013’s success by helping the utility manage energy consumption amongst some of its largest commercial energy purchasers. The early results have only strengthened since the program’s inception, as additional square footage and new customers are steadily being enrolled, including M Resort Spa & Casino and the City of Las Vegas.
BuildingIQ began the year by securing $9 million in venture capital from Aster Capital, which is backed by Schneider Electric, Alstom and Solvay, as well as the venture capital unit of Siemens Financial Services, and Paladin Capital Group. Next was the successful release of Version 3.0 of BuildingIQ’s Predictive Energy Optimization™ technology. Now, the company is experiencing a backlog growth of 190 percent on a year-over-year basis, led by a 103 percent growth in the fourth quarter. This rapid expansion also created more than $1.5 million in free cash flow for BuildingIQ’s customers in 2013.
BuildingIQ is a leading provider of advanced energy management software that actively predicts and manages HVAC loads in commercial buildings. As the only supplier of patent-pending Predictive Energy Optimization™ technology, BuildingIQ’s cloud-based solution is powering energy and operational savings in buildings across the globe with reductions in HVAC energy costs by as much as 25 percent. BuildingIQ delivers measureable results and has received backing from tier one industry leaders including Aster Capital (backed by Schneider Electric, Alstom and Solvay), the Venture Capital unit of Siemens Financial Services (SFS VC), Paladin Capital and the Energy Division of the Commonwealth Scientific and Industrial Research Organisation (CSIRO).
Recognized as a leader in its industry, BuildingIQ most recently was named winner of the 2013 Bloomberg New Energy Pioneers Award, Fierce Innovation Awards’ “Best in Show”, a 2013 Cool Vendor in Green IT and Sustainability by Gartner and listed on the 2012 Global Cleantech 100 and AlwaysOn Going Green Global 200.