USM Maryland Momentum Fund Invests $250,000 in Datakwip
University of Maryland, College Park alum creates data integration software platform to manage energy across buildings
BALTIMORE, Md. (April 28, 2020) – Datakwip, a rapidly growing greentech building analytics company, received a $250,000 investment from the University System of Maryland (USM) Maryland Momentum Fund. Co-investors include the Chesapeake Bay Seed Capital Fund at $250,000 and GreenGen Ventures, the corporate venture arm of Green Generation (GreenGen). Datakwip’s software connects to new or existing energy management, building automation systems, metering, and Internet of Things infrastructures to provide centralized data management and discover potential improvements and savings. The Momentum Fund is continuing to invest in companies affiliated with the USM despite the COVID-19 pandemic and encourages applications through the Fund website at https://momentum.usmd.edu/.
“Energy efficiency is key to slashing U.S. energy use and emissions, and our company mission is to unleash the full potential of our built environment through actionable data to lower energy consumption and operating costs,” said Datakwip CEO Cory Perdue. “The soaring demand for a platform like ours is evidenced by our projected growth of 400 percent over the next twelve months.”
Datakwip is targeting large commercial office buildings, which need better tools to manage energy use. The company was recently recognized as one of the 50 most promising startups in the construction ecosystem in CEMEX Ventures, Boston Consulting Group (BCG), and Tracxn’s 2019 listing. Datakwip is a graduate of the Frederick Innovative Technology Center, Inc. and Smart City Works.
Perdue, who is a building automation systems integrator, founded in Datakwip in 2015. Brett Boyer, who joined as a co-founder and is the company’s Director of Engineering, is a graduate of the University of Maryland, College Park.
“I love the energy efficiency Internet of Things space, and I believe this technology, which integrates into existing building tools, has the potential to boil a lot of information down into actionable recommendations for building managers,” said Claire Broido Johnson, Managing Director of the Momentum Fund. “With Datakwip, building owners can make more educated decisions about design and operations going forward.”
“For more than a year, we have worked with Datakwip and seen firsthand how seamlessly Datakwip’s platform can be integrated across a variety of building assets,” said Brad Dockser, chief executive officer of GreenGen. “As a client and now an investor, I am confident Datakwip’s data platform and service offerings will place them at the forefront of proptech innovation.”
The USM Maryland Momentum Fund provides investment for promising technology ventures born out of USM’s 12 institutions. The Momentum Fund helps early stage companies move beyond grant funding and early stage seed investors to position themselves for commercial launch or to reinforce commercialization at the early revenue stage.
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.
The Maryland Momentum Fund, which was established by the USM Board of Regents to support promising commercial opportunities arising from advances in research and intellectual property at USM campuses, has invested in thirteen startups to date: MF Fire, NextStep Robotics, the North American Wave Engine Corporation, Zest Tea, PaverGuide, Retrium, Veralox Therapeutics, Gemstone Biotherapeutics, Neoprogen, Minnowtech, ARMR Systems, Infercabuary, and Datakwip. The Fund is designed to create returns and support USM’s most innovative ideas as they enter the marketplace. Learn more at www.momentum.usmd.edu.
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 watershed. 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 investments are jointly selected by Mtech and the Maryland Department of Natural Resources. Learn more at: http://www.mtech.umd.edu/funding/cbsc/.
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. For more information, please visit greengen.com.
# # #
Contact – Datakwip
Contact – CBSCF
Contact – GreenGen
Name: Jenny Wang
Contact: Mike Lurie