BuildingIQ, a US-based energy management software developer backed by industrial conglomerate Siemens and corporate-backed VC firm Aster Capital, has completed a A$20m ($14.3m) initial public offering on the Australian Securities Exchange.
BuildingIQ’s software is able to control heating and cooling in large commercial buildings in real-time, taking into account factors such as weather, energy prices and building characteristics.
The company previously raised $2.7m in series B funding in March 2015 and received $4.4m in debt financing in October 2014, according to regulatory filings.
Siemens Venture Capital, the investment subsidiary of Siemens, participated in a $9m series A round in 2013 alongside Aster Capital, which is backed by electrical equipment producer Schneider Electric, rail systems manufacturer Alstrom and chemical company Solvay, and Paladin Capital.
Alan Cameron, chairman of BuildingIQ, said: “By leveraging the internet of things, advancements in machine learning and cloud technology, the BuildingIQ platform is able to offer a faster return on investment compared to traditional energy-saving upgrades, with less upfront capital required.
“This is a significant pain point within the market that we have been able to overcome.”