When a satisfied customer becomes an investor, that’s a good day for any early-stage company — especially when that customer is a giant private equity firm.
Blackstone has used Entic’s technology to provide operational efficiency and energy savings at several buildings owned by the firm’s real estate funds, including Park Avenue Tower in midtown Manhattan and the Howard Hughes Center in Los Angeles. “We’ve closely followed Entic’s track record for some time as part of a search for a best-in-class energy analytics platform,” said Don Anderson, executive director for Blackstone.
Entic CEO Carlos Diaz said the investment will help accelerate six-year-old Entic’s growth plans. Blackstone will also provide the company support and expertise from Blackstone’s Real Estate and Innovations teams. Before the deal with Blackstone, Entic had attracted about $13 million in investments and provided services to about 65 properties, according to the Wall Street Journal. Terms of the investment were not disclosed.
“Blackstone’s investment and decision to deploy our technology are together a major recognition of our success in reducing energy waste and increasing operational performance in commercial buildings,” said Diaz, a seasoned software architect who co-founded the company with Manuel Rosendo, an HVAC industry veteran.
Entic, headquartered in Pembroke Pines with more than 45 employees, uses real-time data analysis of major energy-consuming systems to provide prescriptions for improving building operations. Its longtime customers include Marlins Park and the Diplomat Resort & Spa.