PointGrab receives $7M Investment from Philips Lighting, ABB and EcoMachines Ventures
EcoMachines Ventures’s portfolio company leads the way in implementing Computer Vision and Machine Learning in intelligent building design with support of industry majorsOctober 25th, 2016
London, UK, PointGrab today announced the closing of a US$7 million strategic investment to support the deployment and growth of its advanced sensor technology for smart buildings. The investors include new partners Philips Lighting, the global leader in lighting, and Mitsubishi UFJ Capital Co. Ltd (MUCAP), a venture capital arm of MUFG, Japan's largest financial group. These join existing investors ABB Technology Ventures (ATV), EcoMachines Ventures and others.
PointGrab’s edge-analytics smart sensing solution, CogniPoint™, provides industry-leading occupant activity analytics to enable effective building space management and enhance buildings’ operational efficiency. By embedding state-of–the-art deep learning neural networks technology into cost-effective, miniature and connected optical sensing devices, PointGrab’s CogniPoint sensing solution provides unprecedented analytics precision in the detection of occupants’ locations, count, and movements. This technology improves energy efficiency, optimizes the use of space and improves safety and security.
“PointGrab is a great example of a company using advanced AI tools in Computer Vision and Machine Learning to achieve a massively scalable hardware /software integration for the growing Smart Buildings space” said Dr. Ilian Iliev, Managing Director at EcoMachines Ventures. “EcoMachines is delighted to continue its support for the exciting team at PointGrab”.
“CogniPoint’s ultra-intelligent edge-analytics sensor technology will be a key facilitator for capturing critical data for building operations optimization, energy savings improvement and business intelligence,” said Itamar Roth, Chief Business Officer, PointGrab. “We welcome our new partners and value their significant contribution in fulfilling our strategy of enabling truly intelligent buildings.”
“PointGrab’s CogniPoint solution complements ABB’s technology as a pioneer in building automation solutions,” says Dr. Kurt Kaltenegger, Group Vice President, Head of Technology, ABB Technology Ventures. “We expect this collaboration to bolster development efforts and expedite new product introduction.”
PointGrab has installed CogniPoint smart sensors in numerous customer sites as part of ongoing collaboration projects. The CogniPoint solution will be available in early 2017.
About EcoMachines Ventures
EcoMachines Ventures is a London-based VC fund that makes seed and follow-on investments in innovative pan-European B2B hardware companies. We foster the development of world-class technology in the Energy, Transport, Circular Economy, Smart City and Industrial High-tech sectors. Working as a strategic partner alongside successful entrepreneurs and corporate partners, we help promising companies for the next stage of their growth. Learn more at www.ecomachinesventures.com.
About PointGrab, Inc.
PointGrab is a leading machine learning and computer vision company that provides smart sensing solution to the building automation industry. The company applies its superior deep-learning technology to the building automation ecosystem, where opportunities to gather data are abundant, but efficient, real-time analytics are lacking. The company is fast growing and supported by world leading engineering company ABB, the global leader in lighting, Philips Lighting, and sector expert EcoMachines Ventures of London, and applies a joint development and market approach with global leading lighting and engineering companies. http://www.pointgrab.com
About ABB Technology Ventures
ABB Technology Ventures (ATV) is the corporate venture capital arm of the ABB Group (NYSE: ABB), investing into high potential industrial automation and energy technologies, aligned with ABB’s mission. Typical investments are in sectors like robotics, artificial intelligence, IoT and smart grid.
ABB (ABBN: SIX Swiss Ex) is a pioneering technology leader in electrification products, robotics and motion, industrial automation and power grids serving customers in utilities, industry and transport & infrastructure globally. After more than four decades at the forefront of digital technologies for industry, ABB is writing the future of industrial digitalization. With an installed base of over 70,000 control systems connecting 70 million devices across all customer segments, ABB is ideally positioned to drive the Energy and Fourth Industrial Revolutions. ABB, whose heritage spans more than 130 years, operates in over 100 countries with about 135,000 employees. www.abb.com