Chesapeake Bay Seed Capital Fund Invests $250,000 in Datakwip
The Chesapeake Bay Seed Capital Fund has invested $250,000 into Frederick-based Datakwip Holdings LLC, a post-revenue, greentech startup with a real-time energy and facility analytics platform that helps building operators and managers make their buildings an average of 15 percent more efficient using existing systems and equipment, without the need for additional hardware.
Datakwip was selected for funding in late 2019. The University System of Maryland (USM) Maryland Momentum Fund co-invested $250,000 for this seed round of funding, along with GreenGen Ventures, the corporate venture arm of Green Generation (GreenGen).
Datakwip’s product is a cloud-based, software as a service (SaaS) solution that connects to and aggregates a building’s new or existing energy management, automation, metering, and Internet of Things infrastructures to provide centralized data management and discover potential improvements and savings.
“Our software relates to stakeholders, many of whom have already made great investments in equipment and staff,” said Datakwip CEO Cory Perdue. “We help them by looking at a deeper layer of data to detect opportunities for savings, then implement solutions and verify their success.”
An important component of the company’s software is something Perdue calls no-hardware, virtual sub-metering, which allows Datakwip to turn every piece of equipment into an energy meter without installing any hardware.
“The power behind this engine is that people can see where their energy is going for the first time, broken down by every single energy-consuming device,” said Perdue. “If you get the real data from the real equipment, then suddenly you don’t have to guess anymore. You know exactly what is happening and how much you could save by doing something differently.”
What’s more, by verifying the success of recommendations for energy savings, facilities using Datakwip’s software see an 80 percent additional return on investment compared to facilities not using Datakwip, according to Perdue.
“We verify that a solution will work using real data, and then ensure it has the intended impact on a permanent basis,” he explained.
The Chesapeake Bay Seed Capital Fund invests in Maryland-based startup companies with innovative technologies that may help improve air and water quality in the Chesapeake Bay area. Supported by funding from the Maryland Department of Natural Resources (DNR), the fund is administered by the Maryland Technology Enterprise Institute (Mtech), a unit of the A. James Clark School of Engineering at the University of Maryland. Chesapeake Bay Seed Capital Fund recipients are jointly selected by Mtech and the Maryland Department of Natural Resources.
“While the building efficiency market is a crowded space, Datakwip’s technological advantage is clear, with payback for customers in less than one year,” said Jolene Gurevich, Manager of Mtech Ventures and the Chesapeake Bay Seed Capital Fund. “The company’s technology is scalable and adaptable. In addition, the Datakwip team is creative and aggressive, already thinking of additional markets where the technology could be applied.”
Reducing the energy consumed by buildings reduces greenhouse gas emissions, which, in turn, could improve water quality in the Chesapeake Bay.
“Emissions of greenhouse gases that contribute to climate change are altering temperature, sea level, salinity, pH, and precipitation, which interact in complex ways to increase nutrient and sediment pollution to the Chesapeake Bay that harm fish, crabs, oysters, and other natural resources,” said Sarah Lane, Innovative Technology Coordinator for the Chesapeake and Coastal Service in the Maryland Department of Natural Resources. “Datakwip’s software is an investment in energy efficiency to reduce the emission of greenhouse gases and improve the bay’s water quality.”
Datakwip was founded in 2015 by Perdue. Brett Boyer, the company’s Director of Engineering, graduated from the University of Maryland in 2018 with a B.S. in Computer Science.
The company previously received $225,000 from the Maryland Technology Development Corporation (TEDCO) Seed Fund.
Datakwip has filed multiple domestic and international non-provisional patents for its platform.
About the Chesapeake Bay Seed Capital Fund
The Chesapeake Bay Seed Capital Fund invests in Maryland-based startup companies with innovative technologies that may help improve air and water quality in the Chesapeake Bay area. Supported by funding from the Maryland Department of Natural Resources, the fund is administered by the Maryland Technology Enterprise Institute (Mtech), a unit of the A. James Clark School of Engineering at the University of Maryland. Chesapeake Bay Seed Capital Fund recipients are jointly selected by Mtech and the Maryland Department of Natural Resources.
About the USM Momentum Fund
The Maryland Momentum Fund is an initiative of the University System of Maryland (USM) to provide late seed investment funding for promising technology ventures that come out of any of the twelve constituent USM institutions, its research parks, and its students, faculty, or graduates. With a $10 million commitment from the USM already in place, the Fund co-invests with venture capitalists, foundations, and angel investors.
Green Generation (GreenGen) transforms the world's built environment through its visionary turnkey approach to innovation and solutions by integrating energy, real estate, technology, and capital markets to Operate in the Green. From offices in Washington DC, London, Tokyo, and Shanghai, GreenGen helps its clients use energy as a driver of value and sustainability across all asset types around the world.
May 12, 2020