This is the Cove.tool pitch deck to raise a $5.7m series-a round in 2020.
About
Cove.tool has developed a game-changing machine learning technology that helps users discover smarter ways to make their buildings energy efficient while saving on construction cost. The software builds smart, accurate models in a tenth of the time to help users explore a range of building alternatives and sort out the best one.
Big buildings — and the construction industry — are a huge consumer of energy and driver of carbon emissions.
And analyzing a building’s design for energy efficiency is highly manual and can take more than a hundred hours to do.
Sandeep Ahuja, who founded and led an energy modeling consulting practice, Pattern r+d, told Business Insider that each project took roughly 150 hours of consultants’ time.
Early attempts at automating her workflow eventually led her to partner with two brothers, Daniel and Patrick Chopson to create a software program that could do just that, slashing the time it takes to create energy models of a building to 15 minutes and shortening decision making about design revisions to an hour.
That software program has become a software-as-a-service company, Cove.tool, that provides energy modeling automation to architects, engineers, owners, and contractors. Daniel Chopson left his job as a senior software engineer for accounting company Sage to become CTO, while architect Patrick became COO.
The company raised a $5.7 million Series A round in October, led by early-stage venture investors Mucker Capital, and including previous investors Knoll Ventures, Urban Us, and TechSquare Labs. The round brings the company’s total funds raised to $6.8 million, including a $150,000 investment the company received from Urban-X, an urban tech startup accelerator.
Ahuja said that the company now has thousands of paying users across 22 countries, such as real estate services firm JLL, construction giant Skanska, engineering firm P2S, and architecture and engineering firm EYP.
Ahuja said that a key part of making Cove.tool — and energy efficiency — appealing to developers is to make it financially attractive. As a result, the software takes energy efficiency and cost into the equation, outputting a design that will find the cheapest possible way to fit the energy efficiency protocols for the property.
Funding rounds
| Announced Date | Transaction Name | Number of Investors | Money Raised | Lead Investors |
| Oct 14, 2020 | Series A – Covetool | 1 | $5.7M | Mucker Capital |
| Sep 26, 2019 | Seed Round – Covetool | 1 | $150K | URBAN-X |
| Dec 4, 2018 | Seed Round – Covetool | 3 | $800K | — |
| May 18, 2018 | Pre Seed Round – Covetool | 1 | $100K | TechSquare Labs |
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