Tokyo, Japan – Panasonic Corporation (Head office: Minato-ku, Tokyo; President & CEO: Masahiro Shinada; hereinafter referred to as Panasonic) today announced that it has decided to invest in R8 Technologies OÜ (Head office: Estonia, CEO: Siim Täkker; hereinafter referred to as R8tech), a company that offers human-centric AI-powered solution R8 Digital Operator Jenny, a technical assistant utilizing cloud technology to achieve global real estate climate neutrality, through a corporate venture capital fund, commonly known as the Panasonic Kurashi Visionary Fund, jointly managed by Panasonic and SBI Investment Co., Ltd. The fund has invested in four companies since its establishment in July of last year, and this marks its first investment in a growing European tech company.
The building energy management system market is expected to grow by over 10% in terms of CAGR from 2022 to 2028. This growth is driven by the increasing use of renewable energy, such as solar and wind power, growing attention to the carbon footprint, and a projected market scale of nearly 10 billion US dollars by 2028. R8tech, a company established in Estonia in 2017, has developed a human-centric energy efficient automated AI solution for commercial real estate. R8tech solution is widely implemented in Europe, where people are ecologically minded, and energy price volatility is an ever-growing concern. With R8 Digital Operator Jenny, the AI-powered heating, ventilation, and air conditioning (HVAC) demand side management and control software, R8tech proactively analyses and adjusts building management systems (BMS). The company provides cloud-based efficient building management that autonomously operates 24 hours a day throughout the year, requiring minimum human interventions.
R8tech offers a reliable AI-powered tool to support global real estate climate neutrality goals, providing energy savings, CO2 emission reduction, improving tenants’ wellbeing and health, while prolonging buildings’ HVAC systems’ life span. Furthermore, the AI solution has been praised for its capability to enhance the efficiency of real estate management operations, which has enabled the company to build a customer base of over 3 million sqm across Europe, where the commercial building market is significant.
Panasonic provides electrical equipment such as wiring equipment and lighting fixtures, as well as air conditioning equipment and solutions for energy management and other purposes to commercial real estate. Through investment in R8tech, Panasonic aims to achieve comfortable and energy-saving building management solutions while reducing the environmental burden in accordance with a variety of environmental conditions in commercial real estate across the globe.
Panasonic will continue to strengthen its open innovation initiatives based on strong partnerships by investing in promising tech companies both in Japan and overseas that are competitive in areas closely related to people’s lives, including energy, food infrastructure, spatial infrastructure, and lifestyle.
■Comments from Kunio Gohara, Head of Corporate Venture Capital Office, Panasonic Corporation
We expect this investment in R8tech, a company that provides energy management services using highly regarded AI-powered technology, to accelerate our initiatives to achieve both comfort, sustainability, and energy-saving benefits, especially in light of the current energy crisis in Europe.
■Comments from Siim Täkker, Chief Executive Officer of R8tech Co., Ltd.
We are happy to announce that Panasonic Corporation has recognized the AI solution developed by R8 Technologies and selected us as a strategic partner. Their investment represents a significant step forward, and we are excited to collaborate on the development and delivery of sustainable, AI-powered building management and control solutions. Our shared goal is to drive climate neutrality within the real estate sector, providing crucial support for the global shift towards green energy.
As climate change and responsible real estate management have taken the central stage globally, R8 Technologies’ mission aligns with Panasonic’s vision to create a more sustainable and comfortable world. By harnessing the power of AI and cloud technology, we have reimagined real estate energy management. R8tech AI solution has already made a significant impact, reducing over 52,000 tons of CO2 emissions globally with more real estate leaders implementing our AI-powered solution monthly.
We are excited for the opportunity to combine Panasonic’s extensive expertise and offerings with our technology to bring unparalleled comfort and energy efficiency to commercial real estate in Japan and Asia. Together, we aim to lead the transformation in real estate energy management and deliver on our promise of a greener, more sustainable future with the help of the most advanced AI solution.
Post time: Nov-10-2023
