Intelligent Buildings Enterprise A High Growth Investment Strategy at The Intersection of It and Energy PDF

JANUARY 2014
INTELLIGENT BUILDINGS &

ENTERPRISE
A HIGH-GROWTH INVESTMENT
STRATEGY AT THE INTERSECTION OF
IT AND ENERGY
ABOUT THE AUTHOR
NAVITAS CAPITAL IS A VENTURE CAPITAL FIRM AT THE INTERSECTION OF THE IT

AND ENERGY SECTORS WITH A UNIQUE FOCUS ON THE INTELLIGENT BUILDINGS
& ENTERPRISE SPACE. OUR MISSION IS TO IDENTIFY, INVEST IN, AND HELP BUILD
THE NEXT GENERATION OF DEFINING COMPANIES IN OUR SPACE.
WE WOULD LIKE TO THANK THE INCREDIBLE FOUNDERS AND LEADERS FROM
OUR PORTFOLIO COMPANIES FOR GIVING US THEIR FEEDBACK ON THIS REPORT
AND HELPING US PULL THE CASE STUDIES TOGETHER. SPECIAL THANKS GOES
OUT TO ADAM STEIN AND TOM ARNOLD FROM GRIDIUM, RAO MULPURI AND ERIC
KLAWUHN FROM VIEW, RYAN SUTTON-GEE AND TRACY YOUNG FROM PLANGRID,
MATT FREY AND MARTY HESS FROM OPTIMUM ENERGY AND SIMON LEBLOND
FROM SCL ELEMENTS.
THANK YOU.
NORTHERN CALIFORNIA
AUTHORS:
1751 Harbor Bay Parkway, Suite 200
Jim Pettit
Alameda, CA 94502
Navitas Capital
SOUTHERN CALIFORNIA
Travis Putnam
11990 San Vicente Blvd., Suite 350
Navitas Capital
Los Angeles, CA 90049

William Busch
www.navitascap.com
2014 NAVITAS CAPITAL. ALL RIGHTS RESERVED.
Navitas Capital
CONTENTS
INTRODUCTION _________________________________________________________ 2
NAVITAS INVESTMENT THESIS ______________________________________________ 4
MARKET & GROWTH DRIVERS _______________________________________________ 5
TECHNOLOGY ENABLERS __________________________________________________ 9
CHALLENGES TO DRIVING INVESTMENT RETURNS ________________________________ 13
CONCLUSION __________________________________________________________18
APPENDIX A: CASE STUDIES ________________________________________________ 19
GRIDIUM ___________________________________________________________ 19
VIEW ____________________________________________________________ 22
PLANGRID _________________________________________________________ 25
OPTIMUM ENERGY ___________________________________________________ 28
SCL ELEMENTS ______________________________________________________ 31
APPENDIX B: INTELLIGENT BUILDINGS & ENTERPRISE STARTUPS TO WATCH _____________ 34
INTELLIGENT BUILDINGS & ENTERPRISE: A HIGH-GROWTH INVESTMENT STRATEGY AT THE INTERSECTION OF IT AND ENERGY
INTRODUCTION
NAVITAS INVESTMENT THESIS
MARKET & GROWTH DRIV ERS

o
SIZE & IMPACT
o
INTELLIGENT BUILDINGS & ENTERPRISE

GROWTH DRIVERS
PROVEN TECHNOLOGIES & AFFORDABLE

COST POINTS
BUILDING ENERGY CODES
IT DRIVING REAL-TIME UNDERSTANDING

OF BUILDINGS
GREEN BUILDING MOVEMENT
ENERGY VOLATILITY & RELIABILITY
ENERGY EFFICIENCY FINANCING

SOLUTIONS
INCREASED EDUCATION & ENERGY

EFFICIENCY AWARENESS
CORPORATE SUSTAINABILITY INITIATIVES
UTILITY DEMAND SIDE MANAGEMENT

PROGRAMS
TECHNOLOGY ENABLERS
CLOUD AND BIG DATA
INTERNET OF THINGS
MOBILE
SOCIAL BUSINESS
3D MODELING/IMAGING
CLOUD AND BIG DATA
INTERNET OF THINGS
SOCIAL BUSINESS
MOBILE
10
3D MODELING/IMAGING
Beyond BIM as we
know it today, we
believe there will be a
new generation of
exciting 3D imaging and
analytical modeling
technologies that will
make a big difference in
the facilitys long-term
health and
management.
11
THE SMART BUILDING
12
CHALLENGES TO DRIVING INVESTMENT

RETURNS
COMPETING VS. PARTNE RING WITH LARGE

CORPORATE PLAYERS
SCALABILITY
13
REAL BUSINESS
METRICS
METRICS
VS.
VANIT Y
GETTING THE BUSINESS MODEL RIGHT
CAPITAL
INTENSITY
REQUIREMENTS
OF
FINANCING
WHAT WE LOOK FOR & KEYS TO SUCCESS
14
WORLD-CLASS TEAMS
TABLE 1
OPTIMUM ENERGY: ROI & PAYBACK CASE

STUDY
OPTIMUM ENERGY CUSTOMER NEW YORK
PREDICTED ANNUAL
SAVINGS:
ACTUAL 1ST YEAR

SAVINGS:
> 1,662,000 KWH PER

YEAR
> 1,725,000 KWH PER

YEAR
> $174,500/YR.
> $180,820/YR.
> 15.4% SAVINGS
> 17% SAVINGS
> $506K COST
> $506K COST WITH A

$100K REBATE
> 2.9 YEAR PAYBACK +

34% IRR
> 2.8 YEAR PAYBACK +

35% IRR
15
SCALABLE GO-TO-MARKET STRATEGY
CAPITAL LIGHT APPROACH
HIGH GROSS MARGINS
FLEXIBLE BUSINESS MODELS
INTELLIGENT IP STRATEGY
16
Generally speaking (there are

always exceptions to the rule),
we believe funding startups with
limited amounts of capital to
demonstrate product-market fit
and a compelling growth story is
a better venture capital
investment strategy, particularly
for Navitas Capital, which is not
conflicted by large VC politics
(e.g. the propensity to overcapitalize a startup in an attempt
to move the return needle of an
investment bet in a big fund.)
TABLE 2
17
CONCLUSION
18
APPENDIX A: CASE STUDIES
GRIDIUM, INC.
BUSINESS OVERVIEW
THEME(S)
BUSINESS MODEL
PRODUCT(S)
GO-TO-MARKET
STRATEGY
CUSTOMER
TRACTION
CAPITAL RAISED
BUSINESS OPPORTUNITY
19
PRODUCTS & SOLUTIONS
CUSTOMER VALUE PROPOSITION
KEYS TO SUCCESS
CAPITAL
EFFICIENCY
HIGH GROSS
MARGINS
CHANNEL
PARTNERSHIPS
20
STRONG
FOUNDING
TEAM
CONCLUSIONS
21
VIEW, INC.
BUSINESS OVERVIEW
THEME(S)
BUSINESS MODEL
PRODUCT(S)
GO-TO-MARKET
STRATEGY
CUSTOMER
TRACTION
CAPITAL RAISED
22
23
KEYS TO SUCCESS
GO-TOMARKET
STRATEGY
IP STRATEGY
WORLD-CLASS
TEAM
CONCLUSIONS
24
PLANGRID
BUSINESS OVERVIEW
tools
.
THEME(S)
BUSINESS MODEL
PRODUCT(S)
GO-TO-MARKET
STRATEGY
CUSTOMER
TRACTION
CAPITAL RAISED
25
KEYS TO SUCCESS
CAPITAL
EFFICIENCY
HIGH GROSS
MARGINS
STRONG
FOUNDING TEAM
GO-TO-MARKET
STRATEGY
26
CONCLUSIONS
27
OPTIMUM ENERGY, LLC
BUSINESS OVERVIEW
THEME(S)
BUSINESS MODEL
PRODUCT(S)
GO-TO-MARKET
STRATEGY
CUSTOMER TRACTION
CAPITAL RAISED
28
o
o
o
o
KEYS TO SUCCESS
GO-TO-MARKET
STRATEGY
BUSINESS MODEL
IP STRATEGY
WORLD-CLASS TEAM
29
CONCLUSIONS
30
SCL ELEMENTS INC.
BUSINESS OVERVIEW
THEME(S)
BUSINESS MODEL
PRODUCT(S)
GO-TO-MARKET
STRATEGY
CUSTOMER
TRACTION
CAPITAL RAISED
EXIT
31
o
o
o
o
o
o
KEYS TO SUCCESS
CAPITAL LIGHT APPROACH
GO-TO-MARKET STRATEGY
STRONG IP STRATEGY
32
STRONG TEAM
CONCLUSIONS
33
APPENDIX B : INTELLIGENT BUILDINGS & ENTERPRISE STARTUPS TO WATCH
34
35
36
37
38
39
40
41
42
43
44

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JANUARY 2014

INTELLIGENT BUILDINGS &

ABOUT THE AUTHOR

NAVITAS CAPITAL IS A VENTURE CAPITAL FIRM AT THE INTERSECTION OF THE IT

1751 Harbor Bay Parkway, Suite 200

11990 San Vicente Blvd., Suite 350

Los Angeles, CA 90049

2014 NAVITAS CAPITAL. ALL RIGHTS RESERVED.

NAVITAS INVESTMENT THESIS

MARKET & GROWTH DRIV ERS

INTELLIGENT BUILDINGS & ENTERPRISE

PROVEN TECHNOLOGIES & AFFORDABLE

BUILDING ENERGY CODES

IT DRIVING REAL-TIME UNDERSTANDING

GREEN BUILDING MOVEMENT

ENERGY VOLATILITY & RELIABILITY

ENERGY EFFICIENCY FINANCING

INCREASED EDUCATION & ENERGY

CORPORATE SUSTAINABILITY INITIATIVES

UTILITY DEMAND SIDE MANAGEMENT

CLOUD AND BIG DATA

CLOUD AND BIG DATA

THE SMART BUILDING

CHALLENGES TO DRIVING INVESTMENT

COMPETING VS. PARTNE RING WITH LARGE

GETTING THE BUSINESS MODEL RIGHT

WHAT WE LOOK FOR & KEYS TO SUCCESS

OPTIMUM ENERGY: ROI & PAYBACK CASE

ACTUAL 1ST YEAR

> 1,662,000 KWH PER

> 1,725,000 KWH PER

> 15.4% SAVINGS

> 17% SAVINGS

> $506K COST

> $506K COST WITH A

> 2.9 YEAR PAYBACK +

> 2.8 YEAR PAYBACK +

SCALABLE GO-TO-MARKET STRATEGY

CAPITAL LIGHT APPROACH

HIGH GROSS MARGINS

FLEXIBLE BUSINESS MODELS

Generally speaking (there are

APPENDIX A: CASE STUDIES

PRODUCTS & SOLUTIONS

CUSTOMER VALUE PROPOSITION

PRODUCTS & SOLUTIONS

CUSTOMER VALUE PROPOSITION

PRODUCTS & SOLUTIONS

CUSTOMER VALUE PROPOSITION

OPTIMUM ENERGY, LLC

PRODUCTS & SOLUTIONS

CUSTOMER VALUE PROPOSITION

SCL ELEMENTS INC.

PRODUCTS & SOLUTIONS

CUSTOMER VALUE PROPOSITION

CAPITAL LIGHT APPROACH

APPENDIX B : INTELLIGENT BUILDINGS & ENTERPRISE STARTUPS TO WATCH

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