VANCOUVER, BC, Canada, May 12, 2021 \u2013 Encycle Corporation, a software technology company focused on helping commercial and industrial customers dramatically improve the efficiency of their HVAC systems using artificial intelligence-based services, is pleased to announce that it has closed a $7.5 million financing round from a group of advanced energy investors led by Cycle Capital.<\/p>\n
Encycle\u2019s unique HVAC energy management technology, Swarm Logic\u00ae, is empowering some of the biggest retailers and other multi-site companies to combat HVAC-related energy challenges. The data-driven, multi-patented technology significantly reduces customers\u2019 electricity usage and carbon emissions, helping meet corporate sustainability targets. Swarm Logic has drawn broad interest from companies strategically involved in green investing. Among Encycle\u2019s most recent investors are Turntide Technologies\u00ae, a developer and manufacturer of the Turntide Smart Motor SystemTM and Active Impact Investments, a venture capital firm focused on clean tech.<\/p>\n
Statements<\/strong> \u201cWhen evaluating Encycle\u2019s investment potential, it became clear there were tremendous synergies between their Swarm Logic technology and our Platform for Sustainable Operations,\u201d said Ryan Morris, Chairman and CEO of Turntide Technologies. \u201cBoth companies\u2019 technologies focus on reducing energy waste for a more sustainable tomorrow, and combining our offerings provides customers with the most compelling HVAC optimization solution on the market,\u201d Morris explained. \u201cTogether with Encycle, we can provide industry leaders with new sets of energy-efficiency capabilities that align with their business and sustainability goals.\u201d<\/p>\n \u201cWe\u2019re thrilled to be partnering with Bob and the Encycle team,\u201d said Mike Winterfield, Managing Partner of Active Impact Investments. \u201cThey have the grit, depth and history of value creation to capitalize on the opportunity created by growing customer demand for optimized HVAC while doing the right thing for the planet. Encycle\u2019s turnkey software solution makes for a seamless and efficient customer adoption experience that positions them well to maximize impact and growth in an increasingly competitive space. Encycle\u2019s solution is an excellent fit for Active Impact\u2019s portfolio since it delivers the optimal mix of cost savings and environmental benefit, and it\u2019s the ideal time to scale.\u201d<\/p>\n Robert Chiste, Encycle\u2019s Chairman and CEO, stated, \u201cWe are very pleased that Cycle Capital has led our latest funding round joined by new investors Active Impact Investments and Turntide Technologies and existing investors Prelude Ventures, NGEN Partners, Enertech Capital, and Sorfina Capital.\u201d Chiste continued: \u201cThis funding, combined with the added expertise and leadership from the new Board and Observer members, will support the extension of our artificial intelligence-based technology into new customer applications. Additionally, the funding will help accelerate the growth of our strategic partner program, which already includes industry leaders like Honeywell International, ENTOUCH, Lime Energy, Resideo, Carrier and Lightstat. As we continue to accelerate customer adoption of our cloud-based Swarm Logic technology through channel partners and direct sales efforts, Encycle remains committed to investing in modern tools such as AI and data science to continually increase efficiencies and value.\u201d<\/p>\n Encycle developed Swarm Logic, a cloud-based technology that dynamically synchronizes HVAC rooftop units (RTU) control decisions, enabling RTUs to operate most efficiently by responding in real-time to changing conditions such as outdoor temperature and building occupancy levels. Swarm Logic uses artificial intelligence capabilities to create dynamic models for each building and its thermal load profile. With Swarm Logic, RTUs become part of an IoT-based closed-loop system that coordinates their activity and distributes energy consumption more logically among the individual RTUs without the need for additional hardware or equipment in most cases. The enterprise-wide solution, which has been awarded 18 patents to-date, operates quietly in the background, requiring no human interaction to maintain or monitor its actions. Deployed as a software-as-a-service (SaaS) solution, the company\u2019s flagship technology typically saves customers 10%-20% on HVAC-related energy consumption, demand, and spend.<\/p>\n In the past couple of years, Encycle has helped its customers save over $10.5 million in energy costs and reduce CO2 emissions by nearly 60,000 tons. Swarm Logic has been deployed at over 1,000 sites with 10,000 RTUs, and is optimizing over 125 MW of customer electric load across North America.<\/p>\n Learn more about Encycle and the Swarm Logic energy management solution at encycle.com.<\/p>\n About Cycle Capital:<\/strong> About Active Impact Investments:<\/strong> About Encycle:<\/strong> About Turntide Technologies:<\/strong>
\n\u201cWe are excited by Encycle\u2019s unique ability to autonomously monitor and control HVAC equipment to drive savings. Not only does Swarm Logic drive down energy costs but it also reduces GHG emissions significantly for commercial and industrial customers. As a cleantech investor, we choose to work with companies that have a meaningful impact on climate change and we believe that Encycle\u2019s experienced and proven management team in combination with the fact they have established commercial partnerships with top tier building automation system players will allow the company to rapidly scale their solution.\u201d says Andr\u00e9e-Lise M\u00e9thot, Founder and Managing Partner of Cycle Capital.<\/p>\n
\nCycle Capital is an impact investor and Canada\u2019s leading private cleantech venture capital investment platform with AUM north of $500 million. With offices in Montreal, Toronto, and Qingdao \u2013 in continental China \u2013 and a presence in New York and Seattle, Cycle Capital invests in companies at the development and growth stages that commercialize clean technologies that reduce greenhouse gas emissions, optimize resource use, and improve process efficiency. Cycle Capital is the Founder of the Ecofuel Accelerator. For more info, visit www.cyclecapital.com .<\/p>\n
\nActive Impact Investments is a Certified B Corp based in Vancouver, BC, whose mission is to support environmental sustainability through profitable investment. With two limited partnership funds with over $50M in assets under management, the venture capital firm provides funds and talent to accelerate the growth of early-stage climate tech companies with $200K to $3M in revenue and significant growth potential. Active Impact\u2019s portfolio includes and is seeking some of the most successful startups in North America that are capable of achieving venture scale and becoming extremely profitable while solving the most urgent environmental issues. For more information, visit activeimpactinvestments.com.<\/p>\n
\nEncycle is a technology-driven company that is transforming energy management for multi-site commercial and industrial companies. The company leverages the power of artificial intelligence in its patented cloud-based technology to lower its clients\u2019 electric costs, maximize energy efficiency, and reduce environmental impact. Companies using Swarm Logic\u00ae routinely reduce HVAC electric costs and consumption by 10%-20% with little or no capital investment. For more information about Encycle, visit www.encycle.com or follow the company on LinkedIn.<\/p>\n
\nHeadquartered in Sunnyvale, California, Turntide develops breakthrough sustainability technologies that drive down energy consumption and operating costs in buildings, agriculture, and electric transport, creating a path to 100% renewable energy and business sustainability. The Turntide Smart Motor System is part of an open Platform for Sustainable Operations, driven by a patented Turntide Optimal Efficiency Motor\u2122 with intelligent automation and cloud connectivity. The Smart Motor System advances sustainability goals, saves money, and minimizes unexpected downtime. For more information, visit https:\/\/turntide.com\/ or follow the company on YouTube, Twitter, and LinkedIn.<\/p>\n