Clockworks Analytics (fka KGS Buildings), a Somersville, MA-based cloud-based building analytics platform, raised an $8m funding round.
The round, which brings total funding to date to approximately $13m, was led by Carom Growth Partners and Evans Capital Management, with participation from existing investor Schneider Electric. In conjunction with the funding, Evan Kornack of Carom Growth Partners and Bruce Evans of Evans Capital Management have also joined the Clockworks Analytics board of directors.
The company intends to use the funds to accelerate its product roadmap, to roll out a wide range of improvements in the coming months, including new business intelligence reporting.
Founded as KGS Buildings in 2008 within the Massachusetts Institute of Technology’s Building Technology Department and led by CEO Nicholas Gayeski, Clockworks Analytics is a software platform that helps facility professionals and their service providers gain visibility into the biggest issues affecting building energy consumption, indoor air quality and equipment health. In the decade since its founding, the company has gained market share, owing to its global analysis engine built on Microsoft Cloud, which ingests millions of data points and provides root cause analysis and automated measurement and verification. With its technology deployed in 420 million square feet of property across every building type on four continents, Clockworks’ Fault Detection and Diagnostics system has allowed facilities teams to reduce energy use, improve air quality and enhance the reliability of building equipment.
Clients include MIT, Harvard Business School, Amgen, Kaiser Permanente, HPE and Ericsson.