Energy optimization solutions provider Novele announced that it has raised $17 million in a Series A funding round, with proceeds from the financing aimed at scaling the company’s AI-powered energy management and distributed energy storage platform for commercial buildings.
Founded in 2021, New York City-based Novele develops energy management and distributed energy storage solutions for commercial buildings, enabling them to predict, reshape, and optimize their power in real time. The company’s platform combines its include “BoardOS” AI-powered intelligence and autonomous operating layer with its EnergyBoard distributed energy storage hardware, enabling buildings to act as grid assets as a distributed energy resource. Novele also RippleBoard, which extends the platform to data centers.
The company said that the financing comes as electricity demand in the U.S. is increasing as AI infrastructure, data centers, and advanced manufacturing place new demands on a grid that can take years to expand, with its solution enabling new capacity to be drawn from commercial buildings already connected to the grid.
Novele said that it will use the new capital to scale installations across its active pipeline, support the development and training of BoardOS, and expand its workforce.
Charles Conwell, CEO and co-founder of Novele, said:
“Commercial buildings are among the largest consumers of energy in this country, yet most have remarkably little ability to understand, predict, or control how they use power. As electricity demand accelerates, the grid needs flexibility, and there is an enormous amount of it hiding inside the buildings we already have. Novele gives owners the intelligence and control to unlock it while improving cost, resilience, sustainability, and the tenant experience.”
The financing round was led by boisei labs, with participation from Locke Health, Arup Ventures, the venture investment arm of global environment consulting firm Arup, Barton Malow, and several major commercial real estate owners and operators.
George Perry, President and Founder at Boisei Labs, said:
“Building owners have a clear economic and operational reason to adopt the platform—lower costs, greater resilience, and more intelligent control of their energy, while every deployment also creates a more flexible and efficient electric grid. The striking alignment across customer value, technological innovation, and broader societal benefit is what made Novele such a strongly compelling investment for us.”
