Investments into climate change technology companies are growing as building owners seek to create a more sustainable future.
For Clockworks Analytics, a building software company that helps optimize energy and enhance indoor air quality, they are seeing firsthand how much the industry is growing.
“Last quarter, we had our best quarter ever in terms of new business,” said Nicholas Gayeski, cofounder and CEO of Clockworks Analytics. “We’re projecting something like 40 percent growth this year.”
A report from PwC found that in 2019, total venture funding for climate tech firms had increased by over 3,750% from 2013.
Even the pandemic couldn’t hinder the growth of environmental proptech, with more and more companies finding it necessary to invest into health measures within the workplace. For instance, Amazon launched its $2 billion “Climate Pledge” venture fund last summer to invest into companies that are helping with the transition towards a low-carbon economy.
Some companies are directly addressing the environmental impact of buildings themselves, which are big contributors to climate change.
For example, CarbonCure, which received an investment from Toronto’s Greensoil PropTech Ventures, aims to improve the curing properties of concrete in order to reduce its cement content, which would help cut down on greenhouse gas emissions.
“As an industry, we can no longer abide by outcomes where construction and real estate consume more than 40 percent of the energy, produce 40 percent of the emissions, and generate 40 percent of our landfill waste,” said Heather Widman, a principal on the investment team at Building Ventures.