Novele Secures Series A Funding
Novele, a New York-based company specializing in AI-driven energy solutions for commercial buildings, announced it has raised $17 million in a Series A funding round. The round was led by Boisei Labs, with participation from other investors including Locke Health, Arup Ventures, and Barton Malow.
Company Overview
Novele develops an autonomous energy intelligence platform designed to optimize energy use in commercial buildings. The platform integrates BoardOS, an AI-powered energy management software, with EnergyBoard, a distributed energy storage system. This combination allows buildings to manage energy consumption in real-time, adapting to fluctuations in energy prices and grid conditions.
Use of Funds
The funds from this round will be directed towards expanding Novele's engineering, deployment, and commercial teams. Additionally, the company plans to enhance its installation capabilities across its active pipeline and continue the development and training of its BoardOS software.
Leadership Insights
Charles Conwell, Co-founder and CEO of Novele, emphasized the importance of flexibility in energy consumption: "Commercial buildings are among the largest consumers of energy in this country, yet most have remarkably little ability to understand, predict, or control how they use power. As electricity demand accelerates, the grid needs flexibility, and there is an enormous amount of it hiding inside the buildings we already have."
Strategic Vision
Novele aims to transform existing commercial buildings into active participants in energy management by turning them into controllable distributed energy resources. This approach not only improves energy cost efficiency and resilience but also enhances sustainability and tenant experience.
Future Prospects
With live deployments in Fortune 50 companies and a pipeline involving over 2,000 buildings, Novele is well-positioned to capitalize on the growing demand for energy management solutions. The successful completion of large-scale UL 9540A fire testing further supports its capabilities in safe and effective energy storage solutions.
The Series A funding marks a significant step for Novele as it scales its operations and continues to innovate in the field of energy management.