Runwise, a Valley Stream, New York-based technology company, is increasing the competitive edge of real estate developers. They’re addressing a growing immediate issue of excessive heat in large residential and commercial buildings. Summer’s heat is very much upon the nation already. In turn, the company has developed a proprietary, all-in-one hardware and software platform that automatically optimizes energy use and improves comfort for everyone inside. The solution has already been rolled out in more than 10,000 buildings in ten states, a testament to its rapid adoption and acceptance within the industry.
Founded by Jeff Carleton—who, in addition to being the founder of Runwise, is co-founder and co-CEO of verifi—with 1,000 customers and counting. These support some of the biggest real estate owner-operators in the region, including Related, Equity Residential, FirstService Residential, MTA and National Grid. This emerging technology helps to make better building management a reality. It contributes to meeting larger climate targets by reducing wasteful energy use.
Runwise says that since its launch, it has saved its clients more than $100 million in energy costs. This notable accomplishment serves to underscore the success that has stemmed from its unorthodox approach. The system employs between 20 to 25 sensors that capture critical data based on user settings and anticipated weather conditions. The technology then helps determine the best frequency at which to run boilers, which reduces unnecessary fuel use and carbon emissions.
We’re trying to hit these climate goals, yet right in our literal building we’re throwing money away every time you run a boiler when it doesn’t need to run, Carleton stated. “You’re wasting money and you’re producing carbon emissions unnecessarily that really make nobody comfortable.”
In one such recent example, Runwise just completed a $55 million Series B funding round led by Menlo Ventures. That will bring the company’s total funding to $79 million and recast its prospects for growth. The new funds will help Runwise grow its business all across the country, giving the company a more robust market presence and service offerings.
Runwise is similarly focused on using machine learning and artificial intelligence to inform their products. This latest move will give the for-profit company to continue to finetune its algorithms even more. Beyond just collecting raw data on more installations every day, it is capable of creating predictive models to promote optimal building performance.
“It’s only going to become more and more ingrained in what we build, as we collect data from more and more buildings and build more advanced models on how to run them more efficiently,” Carleton explained.
By using the latest technology, coupled with smart funding, Runwise is working to revolutionize the way buildings are managed. Climate change is an urgent concern across every sector. The company’s solutions have the potential to drastically reduce energy use and greenhouse gas emissions in cities.