EcoMachines Ventures in $5 million investment in PointGrab, industry leading IoT company serving the building automation market
London-based VC fund invests in PointGrab to help fuel its expansion into the rapidly growing $30 billion home and building automation market
LONDON, UK 15 December 2015 -- EcoMachines Ventures, the specialist investor in energy and industrial high-tech companies, has today announced its investment in PointGrab, an Israeli-based electronics company developing innovative hardware and software for the building automation ‘Internet of Things' (IoT) device market, in a total round of $5 million.
EcoMachines Ventures is investing alongside two other leading industry players including ABB Technology Ventures (ATV), the corporate venture capital arm of ABB Group based in Zurich. Saar Wilf, PointGrab's Chairman and first investor, is also participating in this round. This collaborative investment will fuel PointGrab's expansion into the rapidly growing $30 billion home and building automation market.
PointGrab is at the forefront of integrating embedded deep learning technology into optical sensing IoT devices and is now entering the rapidly growing building automation sector to develop the most advanced machine vision sensors commercially available. PointGrab develops products that provide detailed information on activity levels within buildings to support energy saving efficiencies, facilities management, occupancy comfort and safety, as well as business intelligence.
Dr. Ilian Iliev, CEO and founder of EcoMachines Ventures, commented:
"With an installed base of more than 27 million consumer electronic devices, PointGrab's ability to scale up speaks volumes to me as an investor. The company provides a leading example of successful and scalable hardware/software integration in the growing IoT market, with a hugely scalable business model. PointGrab's proven track record and ability to deliver commercial products to large and demanding customers is, in my view, a real proof point that the company is prepared to meet the large-scale demands of the vast building automation market."
"ABB Technology Ventures (ATV) invests in potential game-changing technologies that demonstrate true differentiation from anything that currently exists," said Dr. Kurt Kaltenegger, Group Vice President, and head of technology at ATV. "PointGrab stands apart on the leading edge of game-changing breakthroughs in making the use of energy, engineering and automation of buildings far more intelligent. ABB's focus is on the next level strategy for the Internet of Things, Services, and People (IoTSP), and PointGrab's technology opens brand new opportunities in the area of commercial and residential building automation leveraging an advanced IoTSP platform."
"PointGrab integrates its well-established deep-learning and object-tracking IP into remote building automation devices, addressing rapidly growing markets such as HVAC and lighting control, security and access control, and intelligent real-life video analytics. The most aggressive demand for such products comes from energy savings and analytics, and the company's product proposition attracts the interest of leading lighting, building automation, and energy services vendors, in Europe, US, Japan and China" said PointGrab Chief Business Officer Itamar Roth.
PointGrab is the seventh investment made by EcoMachines Ventures and sits firmly within the company's investment focus covering the Energy, Transport, Smart City, Circular Economy and Industrial High-Tech sectors.