SOMERVILLE, Mass.--(BUSINESS WIRE)--The company behind Clockworks — the most widely utilized cloud-based building analytics platform in the world — announced today that it has renamed itself Clockworks Analytics. Concurrently, Clockworks Analytics announced that it has raised an $8-million funding round, bringing the company’s total funding to date to approximately $13 million. The capital round was led by Carom Growth Partners and Evans Capital Management, with participation of existing investor Schneider Electric. Evan Kornack of Carom Growth Partners and Bruce Evans of Evans Capital Management have also joined the Clockworks Analytics board of directors.
Founded as KGS Buildings in 2008 within the Massachusetts Institute of Technology’s Building Technology Department, Clockworks Analytics is a highly sophisticated software platform that helps facility professionals and their service providers gain visibility into the biggest issues affecting building energy consumption, indoor air quality and equipment health. In the decade since its founding, the company has rapidly gained market share, owing to its robust global analysis engine built on Microsoft Cloud, which ingests millions of data points and provides root cause analysis and automated measurement and verification. With its technology deployed in 420 million square feet of property across every building type on four continents, Clockworks Analytics’ unique Fault Detection and Diagnostics system has consistently helped facilities teams reduce energy use, improve air quality and enhance the reliability of building equipment.
In a largely analog facilities management sector flush with fledgling technology solutions, Clockworks Analytics differentiates itself through the most comprehensive and accurate building diagnostics in the industry, which provide unprecedented visibility into performance issues for facilities teams and the mechanical and controls companies who service them. In detecting issues and diagnosing their root causes, the technology helps building teams work in a more predictive manner: prioritizing the most pressing issues and performing maintenance activities that avoid equipment degradation and failure, thereby dramatically reducing associated costs.
Importantly, the issues flagged by Clockworks include those relating to indoor air quality. With its dynamic monitoring of building systems, the software identifies equipment degradation that impacts humidity or ventilation — which experts believe lead to virus transmission — in real time. With the virus currently rampant in most areas across the country, identifying these issues in indoor air quality, which are present in some 5-10% of indoor spaces, has become an extremely important public health objective.
“Clockworks Analytics brings data to life, prioritizing the top issues affecting energy performance and indoor air quality across thousands of facilities every day,” said Clockworks Analytics CEO Nicholas Gayeski. “By transforming the building industry with real business intelligence, Clockworks arms facilities teams and service providers with the tools and insights for next-generation facilities management. We’re excited to partner with investors like Carom and Evans – partners who believe in the massive potential of the smart buildings industry and our competitive edge in enabling a new vision of analytics-driven services. This capital raise will allow us to further invest in our core product and scale our ability to serve more and more facilities professionals around the world.”
While many organizations use Clockworks to drive energy and carbon reduction in pursuit of corporate goals, critical facilities like laboratories and hospitals are also focused on predictive maintenance and risk mitigation. Mechanical and controls service organizations are partnering with Clockworks Analytics to offer data-driven service plans. Gone are the days of sending a truck to a building to check for problems quarterly. Clockworks provides constant visibility into the operational inefficiencies that those service companies are best positioned to address, leaving their customers with higher performing facilities and better performing ventilation systems that are more critical now than ever before.
As the most highly regarded fault detection system on the market, Clockworks has achieved significant market penetration in the educational, medical and corporate real estate sectors, with clients including MIT, Harvard Business School, Amgen, Kaiser Permanente, HPE and Ericsson.
With this funding round complete, Clockworks Analytics intends to accelerate its product roadmap to further distinguish itself from competing building technologies. Driven by an agile development process, the company plans to roll out a wide range of improvements in the coming months, including new business intelligence reporting. The team will also be incorporating machine learning into the onboarding process to connect buildings to the Clockworks platform in an even more streamlined manner.
“We are always intrigued by companies with the opportunity to be disruptive in their industry and we believe strongly that the Clockworks Analytics’ platform will transform how facilities manage and measure their building performance. Nick and his team have built an amazing company and we are excited about our partnership together,” said Evan Kornack of Carom Growth Partners. “By taking existing fault detection technologies to the next level, Clockworks is truly reshaping how buildings are monitored and maintained — not on a small level, but within thousands of buildings in 30 countries. With a cloud-based system that enables the team to be nimble in deploying the platform and upgrading protocols, Clockworks Analytics represents the rare scalable business model that can already boast significant market penetration.”
About Clockworks Analytics
Clockworks Analytics (formerly “KGS Buildings”) is an essential smart building intelligence platform that provides data-driven insights into property operations for facility and energy managers. Through its “Clockworks” 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 operational costs. To learn more, visit www.clockworksanalytics.com