Runwise is a New York-based building technology company that builds a smart operating system combining proprietary hardware, sensors, cloud-based software, and machine learning to modernize heating, cooling, and other building infrastructure.[1][2][3][5] It serves property managers, landlords, and owners of residential, commercial, and industrial buildings—over 10,000 buildings and 1,000+ customers as of 2025—solving problems like energy waste, inefficient maintenance, lack of visibility, and high carbon emissions from outdated systems.[1][2][3] The platform enables 20-25% energy savings, remote diagnostics, proactive alerts for leaks or gas, and ROI in under 9 months, with strong growth including a $40M Series B and national expansion.[2][5]
Runwise traces its roots to 2010, when it was founded as Heat Watch, initially focusing on boiler and heating system management in New York City.[3][4] The modern company formed in 2018 when co-founders Jeff Carleton (with property management experience overseeing 150 NYC buildings), Lee Hoffman, and Mike Cook (also listed as Mike Cooke) united to commercialize advanced heat-control technology born from firsthand frustrations with legacy systems.[2][5] Early traction came from NYC's dense portfolio of centrally heated buildings, reducing fuel use by 20-25% across thousands of sites for clients like The Related Companies and LeFrak Organization; pivotal moments include the 2021 acquisition of BGS Water Watch for leak detection and a 21% fossil fuel cut equivalent to removing 35,000 cars from roads.[2][3]
Runwise rides the wave of building electrification, decarbonization, and AI-driven PropTech, fueled by policies like New York's local laws, rebates, and the federal Inflation Reduction Act spurring efficiency mandates nationwide.[2] Timing aligns with aging U.S. infrastructure (e.g., 12M buildings, Runwise in 4,000) facing energy crises, rising costs, and net-zero goals, where legacy systems waste energy and hinder scalability.[1][2][5] Market forces like climate regs and clean energy demand favor its affordable, retrofit-friendly model over expensive BMS, positioning Runwise to cut urban carbon footprints while boosting affordability—already impacting cities via MCJ Collective and Menlo Ventures-backed peers in built-environment tech.[2][5]
Runwise is poised for explosive growth by expanding into cooling, full electrification, and an open IoT platform, capitalizing on regulatory tailwinds and AI optimizations to penetrate beyond its current 4,000 U.S. buildings.[2][5] Trends like municipal mandates, IRA incentives, and PropTech convergence will accelerate adoption, potentially transforming millions of structures into efficient, connected assets. Its influence could evolve from NYC heating specialist to national building OS leader, delivering planetary-scale emissions cuts while proving PropTech's ROI—modernizing infrastructure one wireless install at a time, just as it disrupted static boilers.
Runwise has raised $49.0M in total across 2 funding rounds.
Runwise's investors include Alumni Ventures, DataPower Ventures, Draper Associates, ff Venture Capital, Fifth Wall, F-Prime Capital Partners, Magma Partners, Menlo Ventures, Pioneer Square Labs, Rubicon VC, Silence, SOJA Ventures.
Runwise has raised $49.0M across 2 funding rounds. Most recently, it raised $30.0M Series B in June 2025.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Jun 1, 2025 | $30.0M Series B | Alumni Ventures, DataPower Ventures, Draper Associates, ff Venture Capital, Fifth Wall, F-Prime Capital Partners, Magma Partners, Menlo Ventures, Pioneer Square Labs, Rubicon VC, Silence, SOJA Ventures, Space Capital, Spark Capital, Jeff Hammerbacher | |
| Nov 1, 2022 | $19.0M Series A | Alumni Ventures, Canary Ventures, FasterCapital, Fifth Wall, Menlo Ventures, Silence, SOJA Ventures |
