Cove.Tool Closes Seed Round to Automate Sustainable Building Design
Adoption by leading architecture and engineering firms indicates high demand for saving money on buildings.
Atlanta-based Cove.Tool, an energy efficiency automation platform for the building industry, has closed a $750K seed round from Urban Us, Tech Square Labs, Knoll Ventures and more to focus on their next stage of growth. The building industry typically makes decisions based on what worked on the last project.
However, buildings produce 40% of carbon emissions and consume 78% of electricity and new building codes across the country seek to minimize energy consumption by requiring higher efficiency. Cove.tool seeks to bring big data analysis to reduce the cost of these new requirements.
cove.tool sees incredible interest from large and small companies on a daily basis who are looking for ways to make green buildings cost less while still hitting aggressive energy targets. Along with academic institutions like Georgia Institute of Technology and Emory University, developers are adopting cove.tool as part of the process for delivering high performance buildings.
The tool functions as an automated building consultant that balances performance vs cost to make the best design decisions. Early stage modeling and optimization when information is least but impact is largest is vital for creating high performance buildings and can save developers 2-3% in construction cost. By automating the simulation inputs and intelligently interpreting the results for report creation, cove.tool reduces the time to understand performance from 20 hours to just 5 min, at a fraction of the cost of a $50,000 consultant.
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