By ET Bureau - September 21, 2022 1 Mins Read
PassiveLogic, which provides a platform for autonomously controlling building systems, has secured an additional USD 15 million in a “off-round” strategic investment from Nvidia’s venture arm, nVentures, approximately five months after raising USD 15 million. PassiveLogic has now raised a total of more than USD 80 million.
According to PassiveLogic CEO Troy Harvey, the new investment will be used to increase the number of employees at the Utah-based company from 100 to 140 within the next year.
PassiveLogic’s system utilizes Quantum digital twin technology to create virtual copies of operational assets and on-site autonomous systems, enabling users to gain a deeper understanding of issues and to resolve them more quickly. Under the terms of the latest investment, Nvidia will also collaborate with PassiveLogic on its digital twin technology to help the construction industry reduce emissions and costs.
The platform covers e entire enterprise technology space- including emerging technologies like RPA, AI, cloud, automation, and the entire gamut of digital transformation tools, strategies and management decisions.
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