Climate-focused proptech startup CIM (Continuous Intelligent Monitoring) has raised $10 million in Series A funding.
The round was led by Five V Capital along with Carton Capital and several asset managers, including Stockland’s former CEO Mark Steinert. The round valued the business at more than $100 million.
The new funds will be used to expand CIM globally into Asia and North America, in addition to doubling the headcount of the team over the next 12 months.
Sydney-based CIM Asset Operations software enables teams to work more collaboratively to help companies improve their financial performance and reduce their climate impact. The business already has European operations and a client list that includes Charter Hall, Intel, Scentre Group, Lendlease, Dell, QIC and The GPT Group. CBRE, Australia’s largest property management company, is also a recent sign.
Scott Crellin, GPT Group’s national director of property operations, said: “We asked CIM to get involved to give us the control we need across all sites and help our team achieve the highest possible level of performance, collaboration and space optimization.
The platform integrates construction intelligence, machine learning and technical engineering support to improve efficiency, sustainability and convenience across property portfolios.
Damien Stacey, QIC’s national capital and planning manager, said the information provided by CIM helps them determine exactly when and where maintenance is needed, eliminating the need for scheduled maintenance.
“We can now proactively maintain and prevent breakdowns, which means equipment is more likely to last its intended lifespan and we don’t have to make expensive repairs or replacements,” he said.
David Walsh, founder and CEO of CIM, said the built environment accounts for 40 percent of global carbon emissions.
“Our goal is to help the sector reduce emissions by more than one gigaton,” he said.
“I’m excited to begin the next phase of our growth by expanding into Asia and North America and moving closer to our vision to positively impact the daily lives of the two million facility managers who currently manage facilities worldwide.”
Five V Capital Ed Bigazisi says CM solves three problems at once.
“Firstly, it reduces the carbon footprint of a building, which moves us to net-zero and makes the building more valuable,” he said.
Second, it saves the building owner operating costs and improves the bottom line. And third, it closes the loop between error detection and error correction in a smarter workflow. We see a significant global market opportunity, and we are still in the early stages.
