When thinking about reducing carbon emissions, the first thought that may come to mind is switching to electric-based modes of transportation. However, gas-powered vehicles are far from the only culprits contributing to rising greenhouse gas concerns. Looking to facilitate sustainable practices in the architecture, engineering and construction (AEC) industry, Atlanta-based cove.tool secured $30 million in Series B funding. The round was led by Coatue and featured participation from Robert Downey Jr.’s FootPrint Coalition and others.
“The construction and operation of buildings accounts for 40 percent of global greenhouse gas emissions,” Downey, founder of the FootPrint Coalition, said in a statement. “By combining energy efficiency, design and transparency for material selection cove.tool addresses this massive problem. It’s a prime example of a scalable business that employs machine learning and principled leadership to literally build a better future.”
Cove.tool’s platform encompasses tools for analyzing, drawing, engineering and connecting data for building design and construction, according to the company. Its automated, web-based product is fueled by machine learning to help architects, contractors, developers and others measure building performance metrics like energy, carbon, daylight and water while keeping construction costs low.
In addition to its flagship analysis tool, cove.tool offers its drawing.tool to help teams collaborate on designs, as well as its loadmodeling.tool for establishing cooling and heating system loads. The latter two products were used by more than 3,000 users within the first three weeks of their launch. With its new capital, the company is planning to build out its product suite even further.
“As the effects of climate change intensify and countries target net-zero emissions by 2050, the AEC industry needs new, data-driven tools to build affordable, net-zero buildings,” Sandeep Ahuja, co-founder and CEO of cove.tool, said in a statement. “We are thrilled to have Coatue and FootPrint Coalition on board to support our mission to democratize access to sustainable building data and empower the AEC industry with new tools that streamline building and design processes, enhance collaboration and improve project outcomes.”
Cove.tool has over 15,000 users spanning 30 countries and has offset 28.5 million tons of carbon in 2021, according to the company. Over the course of the year, it also increased its internal headcount from 25 to nearly 60.
As it continues along its mission and fuels further growth, cove.tool is expanding its team. The company currently lists a handful of open roles on its website for positions in engineering, customer success and sales.
