{"id":40782,"date":"2023-10-20T15:09:59","date_gmt":"2023-10-20T15:09:59","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/sydney-startup-cim-enviro-on-mission-to-drive-down-energy-waste-secures-3-million-but-didnt-even-need-the-capital-startupsmart\/"},"modified":"2023-10-20T15:09:59","modified_gmt":"2023-10-20T15:09:59","slug":"sydney-startup-cim-enviro-on-mission-to-drive-down-energy-waste-secures-3-million-but-didnt-even-need-the-capital-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/sydney-startup-cim-enviro-on-mission-to-drive-down-energy-waste-secures-3-million-but-didnt-even-need-the-capital-startupsmart\/","title":{"rendered":"Sydney startup CIM Enviro on mission to drive down energy waste secures $3 million but \u201cdidn\u2019t even need the capital\u201d – StartupSmart"},"content":{"rendered":"
\"CIM<\/div>\n

A Sydney startup that is aiming to save its clients as much as $100 million in energy savings over the next five years has received $3 million in Series A funding to accelerate its growth.<\/p>\n

However, CIM Enviro founder David Walsh says it\u2019s not the money he was after when he accepted the funding from Capital Markets Cooperative Research Centre’s investment arm\u00a0Capital Markets Technologies (CMT).<\/p>\n

\u201cWe were very efficient with our capital over the years and had a very strong mindset to bootstrap it as long as we could,\u201d Walsh tells StartupSmart.<\/em><\/p>\n

Since launching around four years ago, the company has combined industrial Internet of Things (IoT) technology with big data analytics to make large building sites more energy efficient.<\/p>\n

\u201cWe make buildings perform better,\u201d he says.<\/p>\n

\u201cWhat we\u2019re able to do is tell property owners about problems they didn\u2019t know they had that were costing them money and importantly how they can fix the problems.”<\/p>\n

Walsh says installing CIM Enviro monitoring systems into buildings can help\u00a0property owners clearly see and address issues with hardware and software, as well as how people use these.<\/p>\n

The company predicts the technology is forecast to\u00a0save its 22 clients, which include the City of Sydney, Victoria\u2019s State Library and AGL, a combined $100 million over the next five years. With CMT’s\u00a0investment, Walsh hopes\u00a0to grow the startup’s\u00a0visibility and secure more clients like large office and hotel groups.<\/p>\n

\u201cWe solve the usage problem,\u201d he says, for these \u201ccomplex dynamic assets\u201d.<\/p>\n

\u201cIt\u2019s all down to good data [and] the information that we provide.\u201d<\/p>\n

Despite receiving investment offers from different groups including Y Combinator<\/a>, it wasn\u2019t until Walsh met Dr Andreas Furche from CMT that he thought the startup would be strengthened by accepting external investment.<\/p>\n

\u201cMoney and startups I liken to sugar and kids \u2014\u00a0a little bit is great but too much makes them go crazy,\u201d says Walsh.<\/p>\n

Walsh says CIM Enviro couldn\u2019t have even existed five years ago because the technology in machine learning and data science wasn’t advanced enough.<\/p>\n

As a startup breaking into essentially unchartered territory, Walsh says working with people\u00a0who have dealt with scaling such ventures before will\u00a0be highly beneficial.<\/p>\n

Walsh says partnering with Furche and the CMT is a great fit considering Furche has previously built a similarly sophisticated analytics venture SMARTS and sold\u00a0it to NASDAQ for $100 million.<\/p>\n

\u201cI just saw the experience that he had and the fact that he\u2019d done it a number of times [and] I thought I can just learn so much off this group,\u201d says Walsh.<\/p>\n

\u201cWe didn\u2019t need the capital but I knew that it’s not just about the capital, it\u2019s about the expertise.\u201d<\/p>\n

Follow StartupSmart on<\/em>\u00a0Facebook<\/a>,<\/em>\u00a0Twitter<\/a>,\u00a0LinkedIn<\/a>\u00a0and iTunes<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A Sydney startup that is aiming to save its clients as much as $100 million in energy savings over the<\/p>\n","protected":false},"author":2,"featured_media":61086,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/40782"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=40782"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/40782\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/61086"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=40782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=40782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=40782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}