GridPoint, a Reston, Virginia-based energy management and optimization platform focused on decarbonizing commercial buildings, announced Tuesday it raised $75 million. The strategic funding, led by the Sustainable Investing Group within Goldman Sachs Asset Management, will advance further development of the smart building energy platform and grow the company’s team.
GridPoint’s technology uses data analytics, intelligent automation and machine learning to continuously monitor and optimize building energy to lower emissions. The energy management system allows businesses to pinpoint areas where energy isn’t being used efficiently and make adjustments to take advantage of energy savings.
“By providing the technology necessary to transform commercial buildings into sustainable grid resources, GridPoint is reducing energy costs and increasing resiliency for customers, driving grid modernization and accelerating the transition to a sustainable energy future,” Mark Danzenbaker, the company’s CEO, said in a statement. “This new investment will be transformational for GridPoint and is particularly timely due to converging trends and major disruptions impacting energy reliability and costs for commercial businesses.”
According to a company spokesperson, GridPoint has helped its customers save more than $440 million in energy costs, reduce energy use by more than 5.5 billion kWh and eliminate more than 5 billion pounds of CO2 since its founding in 2003. The company’s platform is used by over 30 million commercial buildings under 200,000 square foot worldwide, including buildings that house large companies like Walgreens, Chipotle, Shell, Target, Wendy’s and O’Reilly Auto Parts.
GridPoint currently has 125 employees. The company told Built In in an email that GridPoint’s team is still growing, thanks in part to their recent funding. Current positions listed on the company’s careers page include 38 positions across its business development, engineering, finance, HR, IT, marketing, platform delivery, and strategy and product management departments.
Additional growth initiatives expected in the next few months include expanding its subscription service offerings, launching in the new vertical of automotive dealerships, and entering new markets.
