Sustainable Building Design Startup Cove.tool Secures $5.7 Million Series A
Tuesday, October 27th, 2020
Cove.tool, a platform that automates building design to optimize costs and performance targets, announced it successfully closed on a $5.7 million Series A investment led by Mucker Capital.
Atlanta-based Cove.tool is a member company of the Advanced Technology Development Center’s ATDC startup portfolio.
The new funding will allow Cove.tool to scale its platform internationally and accelerate the development of new products for the architecture, engineering and construction industries.
Mucker joins previous investors, Urban.us, Knoll Ventures, and Tech Square Labs.
“Demand for new buildings and construction is only increasing. It’s our goal to empower architects and builders with the tools needed to achieve their targets and save on time and costs, while also reducing carbon emissions in the fight against climate change in the process,” said Cove.tool CEO Sandeep Ahuja.
“We are extremely grateful for the incredible support we’ve received from Mucker Capital and look forward to working together to apply their software expertise as we continue to scale our technology.”
Powered by machine learning, cove.tool is an easy-to-use platform that helps architects, engineers and contractors optimize sustainability and energy efficiency while saving on project costs. By automating the tedious task of energy modeling, Cove.tool eliminates the need for manual labor, cutting what once took consultants 150 hours to do manually into just 30 minutes.
For instance, Cove.tool helps builders achieve energy, daylight, glare, radiation, water, and embodied carbon targets for new and existing buildings and also offers the ability to compare different options, such as finding the cheapest way to meet a building’s energy targets. Since the onset of the COVID-19 pandemic, Cove.tool has also added a COVID occupancy tool to its platform.
“Our iterative approach to software development and emphasis on user feedback allows us to respond to industry trends while providing best in class support. Providing real value to our users on an ongoing basis is one of our key principles. Data drives not only our tools but also our people and processes,” said Daniel Chopson, Cove-tool.
Omar Hamoui, Partner at Mucker Capital said, “We are excited to support Sandeep and the cove.tool team in this next chapter, as sustainable design is rapidly becoming a necessity in the built world.”
Cove.tool has thousands of users across 22 countries, including leading architects, engineers, contractors and developers including EYP, P2S, Skanska, and JLL. In addition, the platform is being taught at universities across the country, including California Polytechnic State University, Georgia Institute of Technology, University of Illinois, and UNC Charlotte. The company is an alumnus of URBAN-X, the MINI-backed smart city startup accelerator.