Novele, an applied AI company focused on energy solutions for commercial buildings, has successfully secured $17 million in an oversubscribed Series A financing round, led by boisei labs. The investment also saw participation from Locke Health, Arup Ventures, Barton Malow, and various commercial real estate stakeholders.
The company’s platform integrates BoardOS, an AI-powered energy management software, with EnergyBoard, a distributed energy storage solution, thereby providing a comprehensive energy management system for occupied commercial properties.
This financing comes at a time of rising electricity demand in the U.S. as sectors like AI infrastructure and advanced manufacturing exert pressure on the aging power grid. Charles Conwell, CEO and co-founder of Novele, emphasized the potential for hidden energy flexibility within existing buildings, which Novele’s technology aims to unlock, consequently enhancing cost efficiency, resilience, sustainability, and tenant experience.
George Perry, President of boisei labs, noted the economic benefits for building owners in adopting Novele’s platform, highlighting its capacity to lower costs and improve energy control while contributing to a more adaptable electric grid.
With the new funding, Novele plans to expand its engineering, deployment, and commercial teams, as well as to enhance its installations and further develop BoardOS for comprehensive energy intelligence.
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