Blocpower is a CNBC Disruptor 50 company
Founder: Donnel Baird (CEO)
Funding: $63.3 million (PitchBook)
Key technologies: Cloud computing, Internet of Things, machine learning
Sustainability shouldn’t be limited to wealthy communities. That’s the idea behind Brooklyn-based BlocPower. Since 2014, founder Donnel Baird has been retrofitting buildings in New York’s disadvantaged communities with energy efficient heating and cooling systems, ultimately upping building values and lowering building operating costs.
Driven by a green and social justice mission, BlocPower has developed proprietary software to determine which upgrades a building needs, which ones are possible, and how those upgrades fare throughout the course of the project. The start-up recently launched a WiFi installation service that offers low-income neighborhoods free internet while offering BlocPower a better look at local energy use. With its monitoring and analysis software, BlocPower has saved customers 20%-70% in annual energy costs.
To date, BlocPower has raised $63 million, including $55 million in debt financing, completing its Series A round in February of 2021. Goldman Sachs Merchant Banking Division helped lead the deal, and Salesforce Ventures, Andreessen Horowitz, Kapor Capital, and Cleo Capital also participated in the round.
—Contributed by Cameron Costa, visit CNBC to see the full list of companies