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passivelogic
September 21, 2022

Building control startup PassiveLogic inks partnership with Nvidia, secures $15M

About five months after raising $15 million, PassiveLogic, which provides a platform to autonomously control building systems, has secured an additional $15 million in an “off-round” strategic investment from Nvidia’s venture arm, nVentures. The new cash brings PassiveLogic’s total raised to over $80 million, and CEO Troy Harvey tells TechCrunch it’ll be put toward expanding the Utah-based company’s headcount from 100 employees to 140 within the next year.

The investment represents a major vote of confidence in PassiveLogic, considering that the startup hasn’t released any products to the public yet (although a beta’s planned for later this year). Nvidia was perhaps won over by PassiveLogic’s go-to-market strategy, which netted the startup contractual commitments for the first two years of sales and distribution partners that plan to include PassiveLogic’s platform in construction and retrofit projects.

“We were impressed with PassiveLogic’s vision to revolutionize the real estate industry through autonomous operations at the edge,” nVentures head Mohammad Siddeek said in an emailed statement. “We are excited to support a world-class team with deep industry and technical expertise as they prepare to launch a highly differentiated solution with their initial customers.”

Keep reading on techcrunch.com


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