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 property executives, including Mark Steinert, former CEO of Stockland. The round values the business at more than $100 million.
The new funds will be used to expand CIM internationally into Asia and North America, in addition to building out the team with a doubling of headcount planned over the next 12 months.
Sydney-based CIM’s property operations software enables teams to work more collaboratively to help companies improve their financial performance and reduce their climate impact. The business already has European operations and a client list that includes Charter Hall, Intel, Scentre Group, Lendlease, Dell, QIC and The GPT Group. CBRE, Australia’s largest property management company, is also a recent sign on.
GPT group property operations national director Scott Crellin said: “We asked CIM to get involved so they could give us the oversight we needed across all sites and assist our team to continually achieve the highest levels of performance, collaboration and site optimisation possible.”
The platform integrates building intelligence, machine learning and technical engineering support to improve efficiency, sustainability and comfort across property portfolios.
QIC’s national capital & planning manager Damien Stacey said the data supplied by CIM helps them determine precisely when and where maintenance is needed, ending the need for scheduled maintenance.
“We can now actively anticipate and prevent breakdowns which means equipment is more likely to last its specified lifespan and we don’t have to resort to costly fixes or replacements,” he said.
CIM founder and CEO David Walsh said the built environment accounts for around 40% of all carbon emissions globally.
“Our goal is to help the sector reduce more than one gigatonne of emissions,” he said.
“I’m excited to initiate the next stage of our growth by expanding into Asia and North America and getting closer to our vision of positively impacting the daily lives of the two million facilities managers currently managing buildings globally.”
Five V Capital’s Ed Bigazzi said CIM solves three problems at once.
“First, it reduces the carbon footprint for a building which moves us towards net-zero and makes the building more valuable,” he said.
“Second, it saves the building owner running costs and improves the bottom line. And third, it closes the loop between detecting a fault and fixing a fault through smart workflow. We see a significant global market opportunity, and we are still in the very early innings.”