BuildingIQ helps building owners and operators worldwide lower energy use and increase building operations efficiency. The company builds services and solutions based on a core set of technologies incorporated into its 5i cloud-based platform and methodology.
The capital raising comprised a placement to institutional shareholders, a placement to institutional investors and a 1:1 non-renounceable pro-rata entitlement offer. The placement to institutional shareholders and the entitlement offer were partially underwritten by Exto Partners. The placement to other institutional investors was lead managed by Canaccord Genuity.
The DLA Piper team was led by Sydney Corporate partner David Ryan with senior associate Kelly Morrison and solicitor Jeffrey Chen. Corporate partner Curtis Mo and associate Evan Youngstrom from DLA Piper's Palo Alto office advised on US securities law issues.
David Ryan said: "We are delighted to advise BuildingIQ on this strategic capital raise to help support their continued growth and platform services development. The company has seen strong demand for their unique 5i Platform services, and we look forward to witnessing their further expansion into new markets.
"This transaction is another example of DLA Piper’s strength as a leading advisor to listed tech companies on cross-border ECM transactions."
Investors in BuildingIQ include the Venture Capital unit of Siemens Financial Services, Aster Capital – backed by Schneider Electric, Alstom and Solvay, Paladin Capital, Exto Partners, and the Energy Division of the Commonwealth Scientific and Industrial Research Organisation (CSIRO).
Parts of BuildingIQ's technology platform were originally developed by Australia's CSIRO.