urban.us

Auto Added by WPeMatico

Residential renewable energy developer Swell is raising $450 million for distributed power projects in three states

Swell Energy, an installer and manager of residential renewable energy, energy efficiency and storage technologies, is raising $450 million to finance the construction of four virtual power plants representing a massive amount of energy storage capacity paired with solar power generation.

It’s a sign of the distributed nature of renewable energy development and a transition from large-scale power generation projects feeding into utility grids at their edge to smaller, point solutions distributed at the actual points of consumption.

The project will pair 200 megawatt hours of distributed energy storage with 100 megawatts of solar photovoltaic capacity, the company said.

Los Angeles-based Swell was commissioned by utilities across three states to establish the dispatchable energy storage capacity, which will be made available through the construction and aggregation of approximately 14,000 solar energy generation and storage systems. The goal is to make local grids more efficient.

To finance these projects — and others the company expects to land — Swell has cut a deal with Ares Management Corp. and Aligned Climate Capital to create a virtual power plant financing vehicle with a target of $450 million.

That financing entity will support the development of power projects like the combined solar and battery agreement nationwide.

Over the next 20 years, Swell is targeting the development of over 3,000 gigawatt hours of clean solar energy production, with customers storing 1,000 gigawatt hours for later use, and dispatching 200 gigawatt hours of this stored energy back to the utility grid.

It has the potential to create a more resilient grid less susceptible to the kinds of power outages and rolling blackouts that have plagued states like California.

“Utilities are increasingly looking to distributed energy resources as valuable ‘grid edge’ assets,” said Suleman Khan, CEO of Swell Energy, in a statement. “By networking these individual homes and businesses into virtual power plants, Swell is able to bring down the cost of ownership for its customers and help utilities manage demand across their electric grids,” said Khan. “By receiving GridRevenue from Swell, customers participating in our VPP programs pay less for their solar energy generation and storage systems, while potentially reducing the risk of a local power outage, and keeping their homes and businesses securely powered through any outages.”

Along with the launch of the virtual power plant financing vehicle, Swell is also giving homeowners a way to finance their home energy systems through Swell. They need the buy-in from homeowners to get these power plants off the ground, and for homeowners, there’s a way to get some money back by feeding power into the grid.

It’s a win-win for the company, customers and early investors like Urban.us, which was seed investor in the company.

 

Powered by WPeMatico

Leading VCs discuss how COVID-19 is impacting real estate & proptech

Several months ago, we surveyed more than 20 leading real estate VCs to learn about what was exciting them most in the real estate tech sector and hear their opinions on proptech trends like co-working, flexible office space and remote office space.

Since we published our survey, COVID-19 has flipped the real estate sector on its head as more companies move toward mandatory remote work, retail businesses are forced to temporarily shut their doors and high-traffic properties thin out. Suddenly, the traditionally predictable world of real estate is more chaotic and unclear than ever.

What are the short and long-term impacts of pandemic-induced volatility? Does this open up opportunities for proptech startups or shutter them? What does this mean from an investing point of view? We asked several of the VCs that participated in our last survey to update us on how COVID-19 is impacting real estate startups, non-proptech companies in general and the broader real estate market overall:

Christopher Yip, RET Ventures

Despite its banner year in 2019, proptech will not be immune to the pressures venture-backed companies face in a market pullback, and we are preparing ourselves and our portfolio companies for a bumpy year.

Powered by WPeMatico

The Urban.Us and BMW Mini accelerator focused on urban innovation names its latest cohort

URBAN-X, the accelerator program focused on companies developing technologies to increase the sustainability, resiliency and efficiency of cities, has selected seven companies for its latest cohort.

Operating as a partnership between BMW’s Mini brand and the early-stage investment fund Urban.Us since 2017, the accelerator has backed 51 companies, which have raised more than $100 million in the three years since its initial launch.

“Mini aims to inspire entrepreneurship, design and collaboration with innovative minds, and this ambition comes to life through URBAN-X,” said Esther Bahne, head of Mini Brand Strategy & Innovation.

Co-investors who have come in to invest behind the accelerator include: Fred Wilson, Brad Burnham, Edgar Bronfman Jr., BMW i Ventures, Draper Associates, Fontinalis Partners, Ekistic Ventures, Wireframe Ventures, Fifth Wall Ventures, Samsung NEXT, Story Ventures, Kairos, UL Ventures, Mark Cuban, Point 72 Ventures and Robert Bosch Venture Capital.

Some of the largest investments to date have been in companies like Blueprint Power, which raised $4 million for its technology that provides energy efficiency and demand response tools connecting real estate portfolios to the power grid; Roadbotics, roadway monitoring to optimize maintenance spending for cities, utilities and construction firms, which raised $11.4 million; and Versatile Natures, which provides safety and budget management tools for construction sites.

The latest companies to be accepted into the accelerator are:

  • ChargeLab: an electric vehicle charging management service for businesses, utilities, individuals and governments.

  • CoInspect: a service that automates the entire food safety and quality management workflow for restaurants and food processing facilities.

  • Eva: a provider of charging stations for healthcare and emergency responders operating cargo drones and associated vertical take-off vehicles.

  • Firmus: a machine learning-based software toolkit to expedite the construction design review process.

  • Hades: the developer of software to evaluate sewer and flood prevention infrastructure.

  • Metalmark: a new materials developer for highly efficient catalytic decomposition of air pollutants.

  • UsurpPower: the creator of a marketplace for sustainable finance for renewable power generation.

“URBAN-X, Urban Us and MINI are deeply committed to advancing the low carbon, resilient, high density future of our cities through technology, investment and mentorship,” said Shaun Abrahamson, URBAN-X Investment Committee and managing partner at Urban.Us, in a statement. “Startups are critical to playing an outsized role in reimagining the core sectors of our cities — like transportation, real estate and energy — and we’re thrilled to invest in this new class of creative and entrepreneurial minds.”

Powered by WPeMatico

NYC launches partnership network, ‘The Grid,’ to help grow urban tech ecosystem

The New York City Economic Development Corporation (NYCEDC) and CIV:LAB — a nonprofit dedicated to connecting urban tech leaders — have announced the launch of The Grid, a member-based partnership network for New York’s urban tech community. The goal of the network is to link organizations, academia and local tech leaders in order to promote collaboration and the sharing of knowledge and resources.

In addition to connecting member companies and talent, The Grid will host various events, educational programs and co-innovation projects, while hopefully improving access to investors as well as pilot program opportunities. The Grid is launching with more than 70 member organizations — approved through an application and screening process — across various stages and sectors.

In recent years, the tech and startup scene in New York has notably ballooned — evolving from the Valley’s obscure younger sibling to one of the top cities for talent, entrepreneurship and venture capital investment. And while the city has seen countless startups, VCs, accelerators and other entrepreneurial resources set up shop within its borders, getting the right tools in place is only part of the battle.

New York wants to prove its initiatives are more than just “show-and-tell” projects and city officials believe that building a truly sustainable innovation economy is dependent on all its local resources working in conjunction, allowing entrepreneurship to permeate every arm of commerce. With an institutionalized network like The Grid, New York hopes it can further fuse its pockets of innovation into one well-oiled machine, consistently producing transformative ideas.

“The Grid represents a promising new way for NYCEDC to work across sectors to strengthen collaboration and innovation, first in New York City and hopefully soon in many more cities across the country and around the world,” said NYCEDC president and CEO James Patchett in a statement. “It signals that New York City is leading with a new approach to technology and startup culture, with a real focus on diversity, inclusion, equity, and community.”

As one of the largest and most industrially diverse cities in the world, New York has naturally placed a heightened focus on the growing sector of “urban tech” — which has been broadly categorized as innovation focused on improving city functionality, equality or ease of living. According to NYCEDC, the urban tech space has seen nearly $80 billion in VC investment since 2016, with nearly 10 percent going to New York-based beneficiaries.

The launch of The Grid is part of an expansion of NYCEDC’s larger UrbanTech NYC program, which has already helped establish the New York innovation hubs New LabUrban Future Lab and Company. Alongside the membership network and a new site for UrbanTech NYC, NYCEDC is also launching The Grid Academy, an adjacent academic group with the mission of creating applied R&D partnerships between local academic institutions and corporate sponsors. The expansion of UrbanTech NYC represents the latest of several initiatives NYCEDC is pursuing to develop the broader ecosystem, coming just months after the EDC announced the launch of Cyber NYC, a $30 million investment initiative focused on growing New York’s cybersecurity presence and infrastructure.

The group will be led by a steering committee that will guide decisions related to strategic priorities, funding, events and communications. Members of the committee include some of The Grid’s largest government and corporate members, including the Bronx Cooperative Development Initiative, the Downtown Brooklyn Partnership, Civic Hall, Company, New Lab, Urban Future Lab, Dreamit UrbanTech, URBAN-X, Urban.Us, Accenture, Samsung NEXT, Rentlogic, Smarter Grid Solutions, Civic Consulting USA and the World Economic Forum.

“Since its early days, innovation has been part of the DNA that is New York City,” said Jeff Merritt, head of IoT + Smart Cities at World Economic Forum. “Nowhere else in the world can you find an ecosystem that combines as many industries and nationalities. New York’s thriving urban technology community is a natural byproduct of what happens when you allow diversity, entrepreneurship and ambition to collide in one of the greatest cities in the world.” 

The Grid’s first meeting will be held on February 19th at Samsung NEXT’s New York HQ. Membership applications for The Grid are accepted on a rolling basis and can be found here on the UrbanTech NYC website.

Powered by WPeMatico

Cove.Tool wants to solve climate change one efficient building at a time

As the fight against climate change heats up, Cove.Tool is looking to help tackle carbon emissions one building at a time.

The Atlanta-based startup provides an automated big-data platform that helps architects, engineers and contractors identify the most cost-effective ways to make buildings compliant with energy efficiency requirements. After raising an initial round earlier this year, the company completed the final close of a $750,000 seed round. Since the initial announcement of the round earlier this month, Urban Us, the early-stage fund focused on companies transforming city life, has joined the syndicate comprised of Tech Square Labs and Knoll Ventures.

Helping firms navigate a growing suite of energy standards and options

Cove.Tool software allows building designers and managers to plug in a variety of building conditions, energy options, and zoning specifications to get to the most cost-effective method of hitting building energy efficiency requirements (Cove.Tool Press Image / Cove.Tool / https://covetool.com).

In the US, the buildings we live and work in contribute more carbon emissions than any other sector. Governments across the country are now looking to improve energy consumption habits by implementing new building codes that set higher energy efficiency requirements for buildings. 

However, figuring out the best ways to meet changing energy standards has become an increasingly difficult task for designers. For one, buildings are subject to differing federal, state and city codes that are all frequently updated and overlaid on one another. Therefore, the specific efficiency requirements for a building can be hard to understand, geographically unique and immensely variable from project to project.

Architects, engineers and contractors also have more options for managing energy consumption than ever before – equipped with tools like connected devices, real-time energy-management software and more-affordable renewable energy resources. And the effectiveness and cost of each resource are also impacted by variables distinct to each project and each location, such as local conditions, resource placement, and factors as specific as the amount of shade a building sees.

With designers and contractors facing countless resource combinations and weightings, Cove.Tool looks to make it easier to identify and implement the most cost-effective and efficient resource bundles that can be used to hit a building’s energy efficiency requirements.

Cove.Tool users begin by specifying a variety of project-specific inputs, which can include a vast amount of extremely granular detail around a building’s use, location, dimensions or otherwise. The software runs the inputs through a set of parametric energy models before spitting out the optimal resource combination under the set parameters.

For example, if a project is located on a site with heavy wind flow in a cold city, the platform might tell you to increase window size and spend on energy efficient wall installations, while reducing spending on HVAC systems. Along with its recommendations, Cove.Tool provides in-depth but fairly easy-to-understand graphical analyses that illustrate various aspects of a building’s energy performance under different scenarios and sensitivities.

Cove.Tool users can input granular project-specifics, such as shading from particular beams and facades, to get precise analyses around a building’s energy performance under different scenarios and sensitivities.

Democratizing building energy modeling

Traditionally, the design process for a building’s energy system can be quite painful for architecture and engineering firms.

An architect would send initial building designs to engineers, who then test out a variety of energy system scenarios over the course a few weeks. By the time the engineers are able to come back with an analysis, the architects have often made significant design changes, which then gets sent back to the engineers, forcing the energy plan to constantly be 1-to-3 months behind the rest of the building. This process can not only lead to less-efficient and more-expensive energy infrastructure, but the hectic back-and-forth can lead to longer project timelines, unexpected construction issues, delays and budget overruns.

Cove.Tool effectively looks to automate the process of “energy modeling.” The energy modeling looks to ease the pains of energy design in the same ways Building Information Modeling (BIM) has transformed architectural design and construction. Just as BIM creates predictive digital simulations that test all the design attributes of a project, energy modeling uses building specs, environmental conditions, and various other parameters to simulate a building’s energy efficiency, costs and footprint.

By using energy modeling, developers can optimize the design of the building’s energy system, adjust plans in real-time, and more effectively manage the construction of a building’s energy infrastructure. However, the expertise needed for energy modeling falls outside the comfort zones of many firms, who often have to outsource the task to expensive consultants.

The frustrations of energy system design and the complexities of energy modeling are ones the Cove.Tool team knows well. Patrick Chopson and Sandeep Ajuha, two of the company’s three co-founders, are former architects that worked as energy modeling consultants when they first began building out the Cove.Tool software.

After seeing their clients’ initial excitement over the ability to quickly analyze millions of combinations and instantly identify the ones that produce cost and energy savings, Patrick and Sandeep teamed up with CTO Daniel Chopson and focused full-time on building out a comprehensive automated solution that would allow firms to run energy modeling analysis without costly consultants, more quickly, and through an interface that would be easy enough for an architectural intern to use.

So far there seems to be serious demand for the product, with the company already boasting an impressive roster of customers that includes several of the country’s largest architecture firms, such as HGA, HKS and Cooper Carry. And the platform has delivered compelling results – for example, one residential developer was able to identify energy solutions that cost $2 million less than the building’s original model. With the funds from its seed round, Cove.Tool plans further enhance its sales effort while continuing to develop additional features for the platform.

Changing decision-making and fighting climate change

The value proposition Cove.Tool hopes to offer is clear – the company wants to make it easier, faster and cheaper for firms to use innovative design processes that help identify the most cost-effective and energy-efficient solutions for their buildings, all while reducing the risks of redesign, delay and budget overruns.

Longer-term, the company hopes that it can help the building industry move towards more innovative project processes and more informed decision-making while making a serious dent in the fight against emissions.

“We want to change the way decisions are made. We want decisions to move away from being just intuition to become more data-driven.” The co-founders told TechCrunch.

“Ultimately we want to help stop climate change one building at a time. Stopping climate change is such a huge undertaking but if we can change the behavior of buildings it can be a bit easier. Architects and engineers are working hard but they need help and we need to change.”

Powered by WPeMatico

Our 3 favorite startups from Urban-X’s 4th demo day

Urban-X, the urban-tech startup accelerator backed by BMW MINI and early-stage urban-tech fund Urban.Us, hosted a demo day today for its fourth cohort of companies at its Brooklyn HQ.  The seven presenting companies offered solutions to issues plaguing modern cities, including toll-road pricing, energy and construction management, and even the inefficiencies of modern cycling helmets.

In a day that offered an impressive display of entrepreneurial talent, here are a few of the companies that really stood out to us:

Rentlogic

In hopes of improving landlord transparency, Rentlogic uses years of city government data to create objective algorithmic letter ratings for apartment buildings.  As CEO Yale Fox pointed out, despite city-dwellers spending half our paychecks on rent, urban housing hasn’t seen the same rating systems that we use to guide decisions on where we eat, what car we buy, or what shows we binge.  Rentlogic allows apartment hunters to screen buildings before signing a lease and avoid committing to unhealthy conditions or an absentee landlord.

Rentlogic partners with landlords looking to obtain a stamp of quality for potential renters, offering an added inspection feature that allows them to hang a letter rating outside their building. The company’s roster of customers already includes Blackstone and Phipps Houses, the largest for-profit and non-profit landlords in the world, respectively.   

What stands out with Rentlogic is its ability to scale. Though currently only in New York City, the same data used in New York presumably exists across all major US markets and Rentlogic has minimized the cost of entering new cities by building out the back-end infrastructure required to ingest and analyze the data.  From a demand perspective, as renters defer to Rentlogic for quality assurance and more competitors hang “A” ratings outside their buildings, landlords will face more pressure to maintain the same offering. 

The idea hit home for a born-and-bred New Yorker with my own set of landlord horror stories, and the first thing I did when I left was look up my building on Rentlogic.

Campsyte

Most companies wish they had mega-campuses or “motherships” where they could offer employees access to sprawling outdoor working areas. For companies based in urban areas, offering outdoor space can be tough, with many parks often privatized, far from city centers, or void of the amenities needed to be productive. 

Campsyte transforms underutilized urban outdoor spaces into productive and fun spaces that customers can book for co-working purposes, corporate off-sites, or events. Similar to WeWork’s approach with buildings, Campsyte takes a parking lot, and adds value by filling it with greenery, furniture, electricity, WiFi, and other services. With its services driving nearly 10x the annual revenue per square foot seen by traditional parking lots, the value proposition for lot owners is convincing.

Given the competition companies are facing when it comes to attracting and retaining talent, providing the same amenities as competitors based outside city centers seems invaluable, with Campsyte boasting an extremely impressive roster of partner companies, including LinkedIn, PayPal, Salesforce, and Airbnb. 

ODN (Open Data Nation)

As anyone who has driven in a city knows, car crashes or accidents can often be caused by the built environment around you. Yet insurers, who focus on personal characteristics like credit scores when underwriting a policy, lack the measurement tools to assess the risk of someone’s external environment.

Founded by an MIT-trained city planner, ODN builds risk models using machine learning and public data records to help insurers evaluate risk and mitigate accidents. The resulting analytics eases the selection process for insurers, allowing them to drive more sales with less cost and risk. ODN is already partnered up with some of the world’s largest insurers including Zurich, Travelers, and Hanover insurance.

The potential use cases for ODN’s technology go far beyond the massive existing insurance market, with the eventual rollout of autonomous cars forcing insurers to ask how they construct policies when human behavior plays no role in accidents. ODN is working with carriers to help answer this question while helping create a more efficient and fair underwriting process today. 

Other members of Urban-X Cohort 4 included:

Avvir:  “Avvir automates quality assurance for the construction industry, providing real-time insights into the progress and potential defects on a project.”

ClearRoad:  “ClearRoad helps government agencies automate toll road pricing for any section of road without the need for traditional proprietary hardware infrastructure.”

Park & Diamond:  “Park & Diamond makes biking better by reinventing the bike helmet, using next-generation materials to build a safer, more portable helmet that can roll up into the shape of a water bottle for easier carrying, while looking like a regular hat, cap, or beanie.”

Sapient Industries:  “Sapient Industries has developed an autonomous energy management system that senses and learns human behavior in order to eliminate wasted energy in buildings.”

Powered by WPeMatico