Enabling continued development and expansion of its advanced climate tech offering for commercial real estate

MONTREAL–(BUSINESS WIRE)–#ai—BrainBox AI, a leader in autonomous building technology, today announced the close of its Series A fundraise at $30M USD to further expand its global footprint and impact across the built environment. The Series A round, led by ABB in the first close last October, concludes with a $3.5M USD investment from Export Development Canada (EDC), Canada’s export credit agency dedicated to helping Canadian companies of all sizes succeed on the world stage.

“Ensuring Canadian businesses can reach global markets is vital for their success and for Canada’s economic future. This partnership between our government and BrainBox AI will ensure they can further export their artificial intelligence cleantech solution. Through this investment, BrainBox AI will enable more commercial buildings around the world to intelligently reduce their carbon emissions footprint by up to 40%.” – The Honourable François-Philippe Champagne, Minister of Innovation, Science, and Industry.

Since BrainBox AI’s launch in 2019, its ground-breaking artificial intelligence technology for the built environment has been installed in over 100 million square feet of commercial building space, in 70 cities and over 20 countries worldwide. At the most recent United Nations Climate Change Conference (COP26) in Glasgow, the company was selected as winner of the Tech for Our Planet Challenge, for innovative climate tech solutions. BrainBox AI creates value with savings in energy costs of up to 25%, up to 40% reduction in carbon footprint and improved occupant comfort for commercial real estate owners.

Just this year, BrainBox AI has been installed in over 180 new buildings and 5 additional countries, with expansion into major cities around the world, including New York City and Milan. Most recently, BrainBox AI announced its partnership with SAIL Outdoors, a leading Canadian outdoor equipment retailer, to deploy its new AI-driven smart thermostat for multi-site retail offering across its entire nation-wide portfolio.

“Our government is committed to reaching carbon neutrality within the decade, including through the kind of partnerships like the one we are celebrating today. Not only is BrainBox AI helping commercial buildings across Canada cut emissions, but through this investment, they will be able to export this technology around the world. This will see them reach new heights while bringing game-changing clean technology to a carbon-intensive industry. A great example of the economy and the environment working hand-in-hand as Canadian businesses scale up and access new markets.” – The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development.

“The world requires new solutions that will support the global energy transition and greater emissions reductions, and BrainBox AI is an excellent example of a Canadian company driving cleantech innovation in the commercial real estate sector,” said Guillermo Freire, Senior-Vice President, Mid-Market, and responsible for EDC’s cleantech practice. “We are pleased to join forces with other investors to support BrainBox AI through our Investment Matching Program, which will help the company expand in key markets in Europe, the Asia-Pacific and the Middle East.”

“With the official close of our Series A fundraise, we’re thrilled to be working with investors that share our vision of providing a meaningful solution to decrease countries’ reliance on natural gas,” said Sam Ramadori, CEO, BrainBox AI. “This raise will go towards technological development and fueling our international growth, especially in Europe, a region that is actively looking for technologies to aide in its clean energy transition. As the energy industry continues to change, we are constantly innovating in order to provide the required demand flexibility via AI-enabled grid interactive buildings.”

About BrainBox AI

Founded in 2017, BrainBox AI was created to address the dilemma currently facing the built environment, its energy consumption, and significant contribution to climate change. As innovators of the global energy transition, BrainBox AI’s game-changing HVAC technology leverages AI to make buildings smarter, greener and more efficient. Working together with our trusted global partners, BrainBox AI supports real estate clients in various sectors, including office buildings, hotels, commercial retail, grocery stores, airports and more.

Headquartered in Montreal, Canada, a global AI hub, our workforce of over 150 employees, bring with them talent from all sectors with the common thread of being in business to heal our planet.

BrainBox AI works in collaboration with research partners including the US Department of Energy’s National Renewable Energy Laboratory (NREL), the Institute for Data Valorization (IVADO) as well as educational institutions including Montreal’s Institute for Learning Algorithms (MILA) and McGill University.

Learn more about BrainBox AI.

About Export Development Canada

Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians.

For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.

Contacts

BrainBox AI
Rebecca Bender

Montieth & Company

rbender@montiethco.com

EDC Media Contact
Media

Export Development Canada

1-888-222-4065

media@edc.ca

As auctioneers across the province can evade rules aimed at safeguarding consumers, Openn’s platform seeks to provide greater transparency and end-to-end protection.

IRVINE, Calif.–(BUSINESS WIRE)–Openn, a new ‘proptech’ solution, will be launching a pilot program in Canada this summer to help support the offer and acceptance process in a real estate transaction. The platform will provide real estate professionals and their clients with greater transparency and protection through modern solutions.

“Real estate is a rapidly expanding and evolving industry that requires greater transparency, equality and efficiency,” said Eric Bryant, Openn NA Director of Operations. “With that, we are seeing auction companies across Canada emerge and in provinces, such as Ontario, there continue to be regulatory loopholes in the property auction process that pose consumer risks. We believe our technology supports transparency at every stage of the real estate transaction, and Openn is looking forward to bringing that technology to Canada to help solve these consumer challenges.”

While most Canadian provinces having a registration system or legislation regulating the activities of auctioneers, Ontario and Manitoba remain the only two provinces without a regulatory framework. As a result, auctioneers can sell property without a license or experience, putting homebuyers in these provinces at risk.

Openn upholds the belief that the involvement of a licensed real estate professional in the buying and selling process is vital to a consumer’s protection during a real estate transaction. The inclusion of a real estate professional in the process eliminates the opportunity of fraudulent offers, as there are legal requirements to work within prescribed regulations. Openn’s platform ensures that consumers are protected against disingenuous activity, while still providing sellers with the choice in how they sell their properties.

“With our six-plus years in the Australian market, we have seen that the combination of regulated and licensed real estate professionals, qualifying buyers, and a digital audit trail not only mitigates risk but delivers legitimacy to the real estate transaction and builds consumer confidence,” added Bryant.

In addition to the pilot program, Openn is continuing to advocate for a regulatory framework to protect consumers using a property auction process.

About Openn North America

Openn North America Inc. is a property technology company offering a proprietary cloud-based software platform to support the offer and acceptance process in a real estate transaction with greater transparency. The Openn platform facilitates the negotiation process, featuring streamlined digital contracting and automated communication tools, which enhances a property transaction. The solution provides buyers with real-time feedback through their device on how much competition exists and where their price stands in the negotiation.

Contacts

Openn Media Relations
Hayley Suchanek

Kaiser & Partners

hayley.suchanek@kaiserpartners.com
289-681-2477

TORONTO & NEW YORK–(BUSINESS WIRE)–The Real Brokerage Inc. (“Real” or the “Company”) (NASDAQ: REAX) (TSXV: REAX), an international, technology-powered real estate brokerage, today announced that it has received final approval to list its common shares (“Common Shares”) on the Toronto Stock Exchange (the “TSX”).

“The Real Brokerage has experienced incredible achievements in a short period of time since its initial listing on the TSX Venture Exchange,” said Tamir Poleg, Chairman and Chief Executive Officer. “This uplisting is an important next step that will help increase our global visibility and offers a greater platform to expand our investor base. We are grateful to the TSX Venture Exchange for being supportive during this phase of our growth and are excited to embark on this next chapter.”

The Common Shares will commence trading on the TSX as of the market open on July 26, 2022 under the current trading symbol of “REAX”. In connection with the TSX listing, the Common Shares will be concurrently delisted from the TSX Venture Exchange.

Shareholders are not required to exchange their share certificates or take any other action in connection with the TSX listing, as there will be no change in the trading symbol or CUSIP for the Common Shares.

About Real

The Real Brokerage Inc. (NASDAQ: REAX) (TSXV: REAX) is revolutionizing the residential real estate industry by pairing best-in-class technology with the trusted guidance of the agent-led experience. Real delivers a cloud-based platform to improve efficiencies and empower agents to provide a seamless end-to-end experience for homebuyers and sellers. The company was founded in 2014 and serves 44 states, D.C., and two Canadian provinces with over 5,000 agents. Additional information can be found on its website at onereal.com.

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof. Forward-looking information in this press release includes, without limiting the foregoing, information relating to the listing of the Common Shares on the TSX, the delisting of Common Shares from the TSX Venture Exchange and the business and strategic plans of the Company.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to Real’s business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Real considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking information. These factors should be carefully considered and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Real cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Real assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and the NASDAQ has neither approved nor disapproved the contents of this press release.

Contacts

For additional information, please contact:

Jason Lee

Vice President, Capital Markets & Investor Relations

investors@therealbrokerage.com
908.280.2515

For media inquiries, please contact:

Elisabeth Warrick

Director, Communications

elisabeth@therealbrokerage.com

Auction-based property company seeks damages for injurious falsehoods and an injunction against further interference in fair competition

OTTAWA, Ontario–(BUSINESS WIRE)–PropTech innovator Unreserved (“Unreserved,” “Unreserved.com, Inc.” or “the company”) today announced that it has filed suit against several real estate organizations for interference, defamation, and general damages. Claiming $25 million in damages, the company alleges that the Ottawa Real Estate Board and its President, Penny Torontow, along with the Ontario Real Estate Association and the Canadian Real Estate Association, have colluded to sabotage Unreserved’s business, undermine its relationships, and attack its reputation with consumers.

“Unreserved will not stand by while entrenched real estate interests gang up to suppress innovation in the market,” said Unreserved founder and CEO, Ryan O’Connor. “We’ve auctioned over 250 homes in the Ottawa area since opening for business in July of 2021, and as we gain market share, traditional real estate is going, ‘Oh, god, we need to get rid of auctions now.’ They’ve defamed our good name in front of home buyers and potential business partners alike, so we’re taking a stand for fairness and consumer choice in real estate.”

Unreserved contends that Torontow and Ontario Real Estate Association CEO Tim Hudak have defamed the company with “injurious falsehoods” in statements published on YouTube and in the Ottawa Citizen, respectively.

The lawsuit further claims damages to Unreserved’s relationship with the brokerage firm through which the company posted properties on the regional Multiple Listing System (MLS) database. By demanding all Unreserved listings include phrases like “for sale by an unregulated auction” and “subject to terms and conditions”, the Ottawa Real Estate Board (which operates the MLS) is allegedly trying to “scare and prevent” home buyers interested in the company’s offerings. Unreserved hopes to reassert its right to do business without tampering from anti-competitive interests and to promote consumer choice in the Canadian real estate market.

About Unreserved

The Unreserved technology platform is paving the way for a transparent way to buy and sell homes allowing buyers to bid on homes in a real-time online auction environment, removing blind-bidding and bully offers from the equation. In addition, Unreserved is a full-service auction company, offering staging, marketing, and promotion to attract qualified buyers and interested sellers.

Contacts

For Unreserved Media & PR Inquiries, please contact:
Cameron Thomas

cameron@verbfactory.com
416-660-9801

ROSEBURG, Ore.–(BUSINESS WIRE)–Legacy Resources, Inc. has listed its first fire-resistant residential home with safe home features and wheelchair access. The home is located in the wine country of Southern Oregon and overlooks Becker Vineyards in Roseburg, Oregon. The Umpqua River offers world-class fishing and other sportsman’s activities, which is right around the corner (MLS #22008096).

To achieve a fire-resistance rating, the construction includes Fox Blocks ICF 6” forms with rebar 6” on center throughout the envelope of the building, as well as a dual roof system that includes a primary concrete roof that allows for interior high ceilings at 10 feet, as ceilings of 9 feet or greater are known to prevent claustrophobia in the event of prolonged seclusion. The secondary pitched roof provides another layer of insulation for temperature control. The home was engineered, via lock and key, into the side of the hill. There is a whole-house air exchange system with heat recapture and filtration. Radiant floor heating and the 2021 EPA rated wood stove provide comfortable and efficient heat within the home. There is whole-house surge and EMP protection, which is supplemented with a whole-house generator panel. The property sits on top of a hill; there are multiple nearby water sources, plenty of animal wildlife and an opportunity for a comfortable level of economic and food security.

Don’t miss this opportunity to secure the home for your family’s future. A special thanks goes to G & P Contracting for the beautiful roof and Dave Hu Construction for the gorgeous tile work!

Contacts

Patrick Gartner

Phone: 888-380-6269

Email: Patrick.Gartner@LegacyResourcesUSA.com

TORONTO–(BUSINESS WIRE)–#valueforgenerations–Choice Properties Real Estate Investment Trust (“Choice Properties” or the “Trust”) (TSX: CHP.UN) announced today that the Science Based Target initiative (SBTi) has validated the Trust’s greenhouse gas (GHG) emissions reduction targets, making Choice Properties one of the first entities in Canada to have net-zero targets approved by the SBTi. The Trust’s targets are consistent with the primary goal of the Paris Agreement – to limit the rise in global temperature this century to 1.5 degrees Celsius.

In line with the stringent, science-based requirements of the SBTi’s Corporate Net Zero Standard, Choice Properties has adopted targets that apply to its entire portfolio of income-producing and development properties. Choice Properties has committed to reaching net-zero GHG emissions across its value chain by 2050 from a 2019 base year. This includes a 50% reduction in absolute scope 1 and 2 emissions, and a 30% reduction in scope 3 emissions from purchased goods and services, capital goods and downstream leased assets by 2030 from a 2019 base year. The Trust has also committed to reduce absolute scope 1 and 2 emissions 90% by 2050 from a 2019 base year and to reduce absolute scope 3 emissions 90% within the same timeframe.

“Fighting climate change is fundamental to our purpose of creating enduring value for all stakeholders and we are proud to deepen our environmental commitment with these targets,” said Rael Diamond, President and Chief Executive Officer. Mr. Diamond added, “By becoming one of the first net-zero approved entities in Canada validated by the SBTi’s rigorous process, we are leading by example in our industry and helping to prevent the effects of global warming in our communities.”

The Trust’s science-based targets build on the progress Choice Properties has made since issuing its first emissions reduction targets in 2019. In 2021, the Trust surpassed achievement of this target by reducing same-asset scope 1, 2, and limited scope 3 emissions by 24% from 2018.

Details on the Trust’s Environmental, Social and Governance (ESG) program and performance can be found in its 2021 Environmental, Social and Governance Report which aligns with leading disclosure standards including the Sustainability Accounting Standards Board (SASB) and Task Force on Climate-Related Financial Disclosures (TCFD). The 2021 ESG Report is available on the Trust’s website at choicereit.ca/sustainability.

About Choice Properties Real Estate Investment Trust

Choice Properties is a leading Real Estate Investment Trust that creates enduring value through the ownership, operation and development of high-quality commercial and residential properties.

We believe that value comes from creating spaces that improve how our tenants and communities come together to live, work, and connect. We strive to understand the needs of our tenants and manage our properties to the highest standard. We aspire to develop healthy, resilient communities through our dedication to social, economic, and environmental sustainability. In everything we do, we are guided by a shared set of values grounded in Care, Ownership, Respect and Excellence.

For more information, visit Choice Properties’ website at www.choicereit.ca and Choice Properties’ issuer profile at www.sedar.com.

Forward-Looking Statements

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Choice Properties’ current expectations regarding future events including achievement of the Trust’s emissions reduction targets. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Choice Properties’ control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, Choice Properties’ ability to meet its greenhouse gas reductions targets, and the factors discussed in Choice Properties’ current Annual Information Form and 2022 First Quarter Report to Unitholders. Choice Properties does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. All forward-looking statements contained in this press release are made as of the date hereof and are qualified by these cautionary statements.

Contacts

Mario Barrafato

Chief Financial Officer

Choice Properties REIT

(416) 628-7872

Mario.Barrafato@choicereit.ca

TORONTO–(BUSINESS WIRE)–DREAM INDUSTRIAL REIT (TSX: DIR.UN) (the “Trust”) announced today its July 2022 monthly distribution in the amount of 5.833 cents per Unit (70 cents annualized). The July distribution will be payable on August 15, 2022 to unitholders of record as at July 29, 2022.

Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. As at March 31, 2022, Dream Industrial REIT owns, manages and operates a portfolio of 244 industrial assets (358 buildings) comprising approximately 44.4 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. Dream Industrial REIT’s objective is to continue to grow and upgrade the quality of its portfolio which primarily consists of distribution and urban logistics properties and to provide attractive overall returns to its unitholders. For more information, please visit our website at www.dreamindustrialreit.ca.

Contacts

DREAM INDUSTRIAL REIT
Brian Pauls

Chief Executive Officer

(416) 365-2365

bpauls@dream.ca

Lenis Quan

Chief Financial Officer

(416) 365-2353

lquan@dream.ca

Alexander Sannikov

Chief Operating Officer

(416) 365-4106

asannikov@dream.ca

TORONTO–(BUSINESS WIRE)–DREAM OFFICE REIT (TSX: D.UN) (“Dream Office” or the “Trust”) today announced its July 2022 monthly distribution of 8.333 cents per REIT Unit, Series A ($1.00 annualized). The July distribution will be payable on August 15, 2022 to unitholders of record as at July 29, 2022.

Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office REIT is a premier office landlord in downtown Toronto with over 3.5 million square feet owned and managed. We have carefully curated an investment portfolio of high-quality assets in irreplaceable locations in one of the finest office markets in the world. For more information, please visit our website at www.dreamofficereit.ca.

Contacts

Michael J. Cooper

Chairman and Chief Executive Officer

(416) 365-5145  

mcooper@dream.ca

Jay Jiang

Chief Financial Officer

(416) 365-6638

jjiang@dream.ca

TORONTO–(BUSINESS WIRE)–DREAM IMPACT TRUST (TSX: MPCT.UN) (“Dream Impact” or the “Trust”) today announced its July 2022 monthly distribution in the amount of 3.333 cents per Unit (40 cents annualized). The July distribution will be payable on August 15, 2022 to unitholders of record as at July 29, 2022.

About Dream Impact Trust

Dream Impact Trust is an open-ended trust dedicated to impact investing. Dream Impact’s underlying portfolio is comprised of exceptional real estate assets reported under two operating segments: development and investing holdings, and recurring income, that would not be otherwise available in a public and fully transparent vehicle, managed by an experienced team with a successful track record in these areas. The objectives of Dream Impact are to create positive and lasting impacts for our stakeholders through our three impact verticals: environmental sustainability and resilience, attainable and affordable housing, and inclusive communities; while generating attractive returns for investors. For more information, please visit: www.dreamimpacttrust.ca.

Contacts

DREAM IMPACT TRUST
Meaghan Peloso

Chief Financial Officer

(416) 365-6322

mpeloso@dream.ca

Kimberly Lefever

Director, Investor Relations

(416) 365-6339

klefever@dream.ca

TORONTO–(BUSINESS WIRE)–DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST (TSX: DRR.U) (“Dream Residential REIT” or the “REIT”) today announced its July 2022 monthly distribution in the amount of US$0.035 per unit (US$0.42 annualized). The July distribution will be payable on August 15, 2022 to unitholders of record as at July 29, 2022.

About Dream Residential REIT

Dream Residential REIT is a newly created, unincorporated, open-ended real estate investment trust established and governed by the laws of the Province of Ontario. The REIT owns an initial portfolio of 16 garden-style multi-residential properties, consisting of 3,432 units primarily located in three markets across the Sunbelt and Midwest regions of the United States. For more information, please visit www.dreamresidentialreit.ca.

Contacts

For further information, please contact:

Dream Residential REIT


P. Jane Gavan
Chief Executive Officer

(416) 365-6572

jgavan@dream.ca

Derrick Lau
Chief Financial Officer

(416) 365-2364

dlau@dream.ca

Scott Schoeman
Chief Operating Officer

(303) 519-3020

sschoeman@dream.ca

HOUSTON & CALGARY, Alberta–(BUSINESS WIRE)–Civeo Corporation (NYSE:CVEO) announced today that it has scheduled its second quarter 2022 earnings conference call for Friday, July 29, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). During the call, Civeo will discuss financial and operating results for the second quarter 2022, which will be released before the market opens on Friday, July 29, 2022.

By Phone:

Dial 877-423-9813 inside the U.S. or 201-689-8573 internationally and ask for the Civeo call or provide the conference ID: 13731837# at least 10 minutes prior to the start time.

A replay will be available through August 5th by dialing 844-512-2921 inside the U.S. or 412-317-6671 internationally and using the conference ID 13731837#.

By Webcast:

Connect to the webcast via the Events and Presentations page of Civeo’s Investor Relations website at www.civeo.com.

Please log in at least 10 minutes in advance to register and download any necessary software.

A webcast replay will be available after the call.

ABOUT CIVEO

Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently owns and operates a total of 27 lodges and villages in Canada, Australia and the U.S., with an aggregate of over 28,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo’s website at www.civeo.com.

Contacts

Regan Nielsen

Civeo Corporation

Senior Director, Corporate Development & Investor Relations

713-510-2400

• Funds raised will support the company’s global, automated design and manufacturing solution, which is on track to deliver over 2,300 apartments.
• The company’s technology solution saves up to 50 percent of life-cycle costs, achieves 90 percent carbon emissions reduction in its buildings, and offers higher quality and performance than conventional methods.
• The Series A investors included BDC Capital’s Cleantech Practice, Greensoil PropTech Ventures, UIT Growth Equity GP, and Fulmer & Company, alongside additional grant funding from multiple Canadian government agencies.

VANCOUVER, British Columbia–(BUSINESS WIRE)–With pressure mounting for cities to address affordable housing needs, decarbonize buildings, and meet sustainability goals, housing technology company Intelligent City raised CAD 22 million (USD 17 million), bringing the total capital invested in the company to CAD 30 million (USD 23 million). As one of the first companies in North America to apply automation and robotics to the design and manufacturing of prefabricated mass timber buildings, Intelligent City will use the funding to scale operations, commercialize its Platforms for Life (P4L) building solution, grow factory automation, and expand its footprint across and beyond Canada. Earlier this year, the company completed testing of its building systems and is now verified to work within the new mass timber high-rise building codes in Canada and the US.

The raise includes Series A venture funding with participation by BDC Capital’s Cleantech Practice, Greensoil PropTech Ventures, UIT Growth Equity GP, Fulmer & Company, and over 30 independent investors, in combination with government programs and accelerators such as the Natural Resources Canada (NRCan) Investments in Forest Industry Transformation program (IFIT), the Sustainable Development Technology Canada (SDTC) Seed Fund, and the Next Generation Manufacturing Supercluster (NGen) Manufacturing Project Funding. Fort Capital Partners acted as financial advisor and placement agent for the Series A and Seed rounds.

“We are focused on revolutionizing an industry that is notoriously slow to innovate while making a significant impact on our climate with lower carbon emissions from the construction and operations of buildings,” explained Oliver Lang, CEO, and Co-Founder of Intelligent City. “By utilizing green building strategies and patented technology to deliver affordable, mass-customizable urban housing, we can help cities to adapt more quickly as the needs of people and the planet evolve.”

By developing a flexible yet scalable technology and design platform, the company departs strongly from the construction industry’s typically fragmented and hierarchical design and construction processes. Focusing on a deep vertical integration of building systems, software, manufacturing automation, and supply chain contracts, the company can help developers achieve nearly 100 percent cost certainty, deliver 1.5 times the number of residential units on the same site compared to traditional methods, and realize savings of up to 50 percent on life cycle costs per home.

“Intelligent City’s technology is set to enable the future of the built world to be more climate-resilient by replacing emissions-intensive materials such as concrete and steel with a renewable material that naturally sequesters carbon,” said Matt Stanley, Director, BDC Capital’s Cleantech Practice. “We are excited to support the team to accelerate the development and scale-up of its mass timber building system and advanced offsite manufacturing capabilities.”

Intelligent City’s end-to-end, product-based approach uses proprietary parametric software for design, construction cost estimation, carbon footprint confirmation, material quantifications, and precision manufacturing. At the same time, the company’s innovative manufacturing technology brings automation to the prefabrication of building components. As a result, the company provides data on the life cycle and performance of the building before construction even begins.

“As PropTech industry disruptors, we were excited by the combination of Intelligent City’s platform technology with prefabricated and modular mass timber products to radically speed up construction and dramatically reduce carbon emissions,” said Dana Goldman Szekely, Senior Principal with Greensoil PropTech Ventures. At the same time, Jamie James, Managing Partner at Greensoil PropTech Ventures, will join the Board of Directors of the company.

In combination with mass timber construction, Intelligent City utilizes the energy-efficiency standards of Passive House design to achieve a 90 percent carbon emissions reduction in its buildings. This concept uses building science principles to attain specific energy efficiency and comfort levels. It includes continuous insulation and air-tight seals, high-performing windows and doors, balanced heat- and moisture-recovery ventilation, and minimal space conditioning throughout the entire building.

“ESG technologies are not only imperative but demanded by building operators, owners, and tenants. Our investment in Intelligent City resulted from careful consideration of the future landscape of the construction industry as well as the vision and the passion demonstrated by the entire team at Intelligent City,” said Patrick Robinson, Chairman of UIT.

With a pipeline of more than 2,300 homes, Intelligent City is supported by leading developers in Vancouver, Toronto, Ottawa, and the United States, including two high-rise projects in Downtown Vancouver, one of which is supported by the BC Mass Timber Demonstration Program. The company was previously granted funding by the CleanBC Building Innovation Fund, the National Research Council of Canada’s Industrial Research Assistance Program (NRC IRAP), and Natural Resources Canada’s Breakthrough Energy Solutions Canada program (BESC). The technology platform has also been awarded the Solar Impulse Efficient Solution Label.

“Affordable, efficient, and attractive housing is lacking globally. As cities and developers scramble to construct more buildings on pre-existing urban lots, Intelligent City developed a fundamentally better and faster way to erect buildings that are more energy-efficient and cost-effective,” explained Yuri Fulmer, Founder, and Chairman of Fulmer & Company.

“By making effective use of Canada’s forest resources through low-carbon building systems, Canada is becoming a world leader in sustainable wood construction practices, increasing energy efficiency and climate resilience in our communities while simultaneously enhancing the global competitiveness of our forestry, wood manufacturing and construction sectors. That’s why our government is pleased to support projects like this one — to help lower emissions, create good jobs for workers and build better neighborhoods for everyone.” – The Honorable Jonathan Wilkinson, Minister of Natural Resources

For more information on Intelligent City, watch this video: https://www.youtube.com/watch?v=Qq9nNHdyyis.

About Intelligent City

Founded over a decade ago, Intelligent City offers clients highly integrated one-stop solutions to design and pre-fabricate sustainable, net-zero, multi-family urban green buildings at better quality and lower costs for both owners, operators, and tenants. The company’s Platforms for Life (P4L) solution incorporates mass timber, design engineering, Passive House performance, automated manufacturing, and proprietary parametric software. Highly scalable and adaptable, this market-ready proprietary technology platform has been created to deliver highly desirable urban housing with a new level of affordability, longevity, and environmental and social sustainability. For more information, visit www.intelligent-city.com.

About BDC Capital

BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs and Canada’s largest and most active venture capital investor. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. For more information, visit www.bdc.ca/capital.

About Greensoil Proptech Ventures

Greensoil PropTech Ventures’ mission is to digitize and decarbonize the built environment, the biggest asset class on the planet, which is responsible for up to 40% of global energy-related CO2 emissions. GSPV invests in early to mid-stage venture capital opportunities in North America, Europe and Israel that make real estate more productive, efficient and sustainable. Backed by real estate and institutional Limited Partners, GSPV has a successful track record of backing, scaling and exiting high-impact PropTech companies. For more information, visit www.gspv.vc.

About UIT Growth Equity GP

UIT Growth Equity GP is the growth equity investment arm of Faircourt Asset Management Inc. and the Robinson Sauder Family Office. Our team is focused on sourcing and investing in innovative and disruptive mid to late stage, venture capital backed private companies across a range of rapidly growing industries. Our directors and officers collectively hold over 125 years of experience in the private and venture investment industry. Investments include SpaceX, Carbon, 23andMe, Tanium, NEXT Trucking, DraftKings, and Rent the Runway. For more information, visit www.uitgrowthequity.com.

About Sustainable Development Technology Canada

SDTC supports companies attempting to do extraordinary things. SDTC is invested in helping small and medium-sized businesses grow into successful companies that employ Canadians from coast to coast to coast. The innovations SDTC funds help solve some of the world’s most pressing environmental challenges: climate change, regeneration through the circular economy, and the well-being of humans in the communities they live in and the natural environment they interact with. For more information, visit www.sdtc.ca.

About NRCan Investments in Forest Industry Transformation

The Investments in Forest Industry Transformation (IFIT) program facilitates the adoption of transformative technologies and products by bridging the gap between development and commercialization. The IFIT program aims to create a more competitive and resilient forest sector with a focus on low-carbon projects that result in new or diversified revenue streams. For more information, visit www.nrcan.gc.ca.

About NGen – Next Generation Manufacturing Canada

NGen is the industry-led not-for-profit organization that leads Canada’s Advanced Manufacturing Global Innovation Cluster. Its mandate is to help build world-leading advanced manufacturing capabilities in Canada for the benefit of Canadians. NGen works to strengthen collaboration among its more than 4,500 members, and provides funding and business support to industry-led initiatives that aim to develop, apply, or scale-up transformative manufacturing solutions in Canada for commercialization in global markets. For more information, visit www.ngen.ca.

Contacts

Technica Communications for Intelligent City

Jake Wengroff

Ph.408-806-9626 Ext. 6816

Intelligentcity@technicacommunications.com