How Cortex Intel Works and Ongoing Success
Tech startup Cortex Intel provides energy solutions through its data analytics software platform designed specifically for large buildings and commercial spaces. The company uses machine learning to analyze BMS data, meter data, billing history, occupancy information, and weather patterns to provide insight on all of this directly to the building engineers. This insight includes real-time updates on energy hotspots in the building, ideal times to turn on air conditioning or heating, and alerts for specific, energy-saving opportunities throughout the day.
Cortex Intel does this through a mobile app that allows managers and building engineers to stay up-to-date on operations wherever they are. The software platform created by the company has proven to be incredibly effective too. In fact, clients of the business tend to save anywhere between 5% to 15% on annual energy bills, far outweighing the fee Cortex Intel charges for using its software solutions. These savings can help increase the net operating income (NOI) of a building as well as increase the overall value of the property.
What sets Cortex Intel apart from other companies providing similar solutions is that the tech startup only requires software to be effective. While many other businesses need to make structural hardware changes to the building in order to offer similar results, Cortex Intel remains the easiest and most cost-effective option. This difference has allowed for the company to take on bigger clients with older, more historic properties. The largest of these is the Empire State Building which has saved $800,000 since enlisting the business.
Cortex Intel Funding and Future Plans
In the Series A funding round for the company, Cortex Intel raised $6 million in capital. The funding round was led by 4490 Ventures. This figure brings the total funding for the company up to $11 million. The tech startup plans to use this funding to invest heavily in software and machine learning. The company also plans to double its staff from 15 to 30 employees and hire in Nashville, New York, and Washington DC.
When commenting on the recent funding round, 4490 Ventures Managing Director Dan Malven said, “We, like a lot of others, have seen companies trying to solve this problem before, but almost always with some sort of hardware based solution. This is the first one we’ve seen that’s software only. The market has taken a long time to develop in terms of the value of energy savings. A lot of people have talked about it for a long time and there have been some incentives in place, some carrots, some sticks to get companies to be more energy efficient, but we felt the timing is now when that’s really going to accelerate.”
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.