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PassiveLogic, a building software and hardware developer, closed $74 million in Series C funding, CEO Troy Harvey tells Axios Pro.

Why it matters: The startup, backed by Brookfield and Nvidia's NVentures, is eyeing power-hungry data centers as well as conventional buildings.

The big picture: Plenty of startups are working to make buildings more efficient.

Yes, but: Building systems tend to be old, complex and temperamental — and landlords are wary of implementing anything that threatens reliability.

Driving the news: PassiveLogic installs an operating system or "brain" in each building that uses wireless sensors to automate everything from HVAC to hot water.

"You can do in one day what it would take a team eight weeks to do with a Honeywell system," Harvey says, referring to the long-running tech giant.

The latest: Noa led the Series C, which closed in May, with managing partner Gregory Dewepre joining PassiveLogic's board.

Prologis Ventures, Johnson Controls, and PSP Growth participated, as well as existing investors Addition, NVentures, Keyframe and Brookfield.

What's next: PassiveLogic has signed agreements to install its systems in dozens of buildings by the end of the year, including Nvidia data centers, Prologis logistics hubs, and buildings managed by German real estate firm Aroundtown.

The Salt Lake City-based startup expects to close $12.5 million in financing next month. It previously raised $51.6 million in equity funding.

What we're watching: PassiveLogic ultimately aims to go public instead of being acquired, though further private rounds are likely.

"That's really the target," Harvey says of an IPO. "The need to scale will necessitate further rounds."

Editor's note: This story has been corrected to remove a reference to Brookfield Growth, whose 2022 investment was equity (not debt). It was updated with the total equity raised by PassiveLogic before the Series C.

Exclusive: PassiveLogic raises $74M for building automation

Noa led the Series C and will join the startup's board.

Illustration of a building in a city with a brain-shaped window

PassiveLogic, a building software and hardware developer, closed $74 million in Series C funding, CEO Troy Harvey tells Axios Pro.Why it matters: The startup, backed by Brookfield and Nvidia&#x27;s NVentures, is eyeing power-hungry data centers as well as conventional buildings.

Exclusive: PassiveLogic raises $74M for building automation

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