Smart building startup gets $7 million to spread its IoT sensors
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CogniPoint, PointGrab's flagship product for making building Courtesy)management smart

The smart building market will be worth more than $20 billion in five years

Israeli startup PointGrab announced a $7 million investment Tuesday with participation from Philips, Mitsubishi UFJ Capital (MUCAP), ABB Technology Ventures (ATV) and Japan’s MUFG.

Their flagship product is CogniPoint, a sensor working off deep learning neural networks to provide analytics on space management and operational efficiency. It also looks to optimize energy efficiency.

Using deep-learning algorithms on an ARM-based processor, designed to detect movements and the number of people in a given location, as well as provide precise positioning. The company also boasts support from London-based EcoMachines Ventures, Flex, and Saar Wilf.

“CogniPoint’s ultra-intelligent edge-analytics sensor technology will be a key facilitator for capturing critical data for building operations optimization, energy savings improvement and business intelligence,” PointGrab CBO Itamar Roth said in a press release.

“We welcome our new partners and value their significant contribution in fulfilling our strategy of enabling truly intelligent buildings.”

Motion sensing also allows the system to monitor where ambient lighting is needed most. CogniPoint connects to various kinds of lighting fixtures and thermostats, according to their website.

Markets and Markets forecasts that the smart buildings industry could be worth $24.73 billion by 2021, with ABB named among some of the big corporate players in the industry. Their report also points to Honeywell, Cisco, Siemens and IBM as other industry leaders to watch.

ABB is no stranger to investments in Israel, having backed projects like LiDAR-focused Pentalum and water network management startup TaKaDu, whose water tech is used in Jerusalem.

Philips Lighting’s global segment leader, Jacques Letzelter, asserted PointGrab’s sensors were “industry-leading,” adding that, “Incorporating this functionality in our connected lighting systems will enable us to address a larger market and further capitalize on our position as the lighting company for the Internet of Things.”

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