Verdigris raises $6.7 million round from Jabil, Verizon and others

Written By: Stratton Report
October 20, 2016

Verdigris

On October 20, Verdigris, a building control software company, announced today an additional $6.7 million round led by Jabil. This Series A extension brings Verdigris’ total funding to $16 million to date.

Other investors in this round include Verizon Ventures, Stanford StartX Fund and existing angels.

The company plans to use the funds to scale manufacturing and customer operations to meet increased customer demand and assist with product rollout.

Verdigris co-founder and CEO Mark Chung observed: “In an on-demand economy, critical businesses need smarter, more connected buildings. Verdigris offers unprecedented clarity into facility equipment and energy use, saving our customers millions in both annual energy costs and reliability. We are thrilled that Jabil and Verizon Ventures and the rest of our team of investors see the promise of our AI energy management solution and we look forward to this next phase of growth.”

Jabil plans to install Verdigris’ AI energy sensor platform in a number of its largest manufacturing sites and to eventually utilize it across its entire portfolio.

Joe McGee, EVP Strategic Planning & Development at Jabil noted: “Our partnership with Verdigris exemplifies one of the many ways Jabil is working to innovate a better, more responsive energy future in the smartest, most efficient ways possible. Verdigris has allowed us to much better understand the drivers of our energy consumption and how we can minimize our demand.”

This partnership and funding news comes on the heels of the debut of Verdigris’ latest product upgrade, a next-generation smart sensor and metering solution intended to reduce energy consumption and costs for large buildings.

Mark Smith, Executive Director at Verizon Ventures commented:

“Investing in a visionary leader in AI and energy monitoring for commercial and industrial facilities like Verdigris is a very natural step for us. Verizon – through our ThingSpace platform and sales channels, as well as our Venture program – supports entrepreneurs who figure out new ways to use network connected devices for data collection, combined with artificial intelligence, to develop innovative solutions.”

Verdigris’ patented platform utilizes artificial intelligence and a network of sensors. Each sensor wirelessly streams thousands of samples per second from a building’s electrical panel into the cloud. The Verdigris artificial intelligence then analyzes these electrical “fingerprints” to optimize building controls, predict future breakdowns, and send users critical notifications about energy use. Verdigris hopes to enable smarter and more responsive building operation, while achieving significant savings on energy costs for customers.

According to the firm, Verdigris customers include Autodesk, Honeywell, Hyatt Hotels, Intercontinental Hotels, Jabil, JBS, Marriott, Megabess, NRG, and Starwood Hotels.