Climate-focused proptech startup CIM (Continuous Intelligent Monitoring) has raised $10 million in a Series A.
The round was led by Five V Capital, alongside Carthona Capital and several real estate executives, including Mark Steinert, former CEO of Stockland. The round values the company at more than $100 million.
The new funds will be used to expand CIM internationally into Asia and North America, in addition to building the team with a planned doubling of the workforce over the next 12 months.
The Sydney-based property management software empowers teams to collaborate more to help companies improve their financial performance and reduce their impact on the climate. The company already has European operations and a customer list that includes Charter Hall, Intel, Scentr Group, Lendlease, Dell, QIC and The GPT Group. CBRE, Australia’s largest property management firm, was also recently signed up.
Scott Crellin, GPT Group’s National Director of Real Estate Operations said: “We asked CIM to join us so they could give us the visibility we needed across all locations and help our team consistently achieve the highest possible levels of performance, collaboration and collaboration. and achieve site optimization.”
The platform integrates building intelligence, machine learning and engineering technical support to improve efficiency, sustainability and comfort across all real estate portfolios.
Damien Stacey, QIC’s national capital and planning manager, said the data provided by CIM helps them determine exactly when and where maintenance is needed, eliminating the need for scheduled maintenance.
“We can now actively anticipate and prevent failures, meaning equipment is more likely to have its specified life and we don’t have to resort to expensive repairs or replacements,” he said.
CIM founder and CEO David Walsh said the built environment is responsible for about 40% of all CO2 emissions worldwide.
“Our goal is to help the industry reduce more than one gigatonne in emissions,” he said.
“I am excited to kick off the next phase of our growth by expanding into Asia and North America and moving closer to our vision of positively impacting the everyday lives of the two million facility managers currently employed manage buildings worldwide.”
Ed Bigazzi of Five V Capital said CIM is solving three problems at once.
“First, it reduces the carbon footprint of a building which takes us to zero and makes the building more valuable,” he said.
“Second, it saves the building owner operating costs and improves profits. And third, it closes the loop between detecting an error and resolving an error through a smart workflow. We see significant global market opportunity and we are still in the very early innings.”