UTC’s EcoEnergy Insights Launches CORTIX, an AI powered IoT Platform for Buildings
On May 15, 2018 EcoEnergy Insights, a subsidiary of United Technologies’ (UTC) Climate, Controls and Security business unit, launched its CORTIX IoT platform for buildings. The platform combines facility data captured from IoT-based sensors with artificial intelligence trained on EcoEnergy’s historical analysis of facility, site and equipment data to optimize building operations based on industry, building type and the various uses of spaces within buildings. The CORTIX platform processes over 150 million data points a day from buildings spread across 2,300 cities and is monitored and maintained by EcoEnergy analysts with domain expertise in building operations. The launch of CORTIX comes at the height of market enthusiasm for artificial intelligence solutions, so are real estate owners ready for it?
Verdantix conversations with real estate decision-makers over the past year finds that 1 in 5 real estate executives are evaluating the benefits of IoT platforms for their facilities and 3 in 4 executives believe smart building technologies will be an important influence on their real estate strategies over the next three years. Several factors are driving this interest in IoT platforms: the interest in optimizing facility operations to reduce opex costs, a desire to promote the enhanced environmental credentials of buildings within a portfolio for brand recognition and the attraction of high value tenants, as well as the potential of increased real estate revenue and value. EcoEnergy Insights is not alone in setting its sights on real estate owners rekindling of interest in smart buildings. Competitors who have also thrown their hat into the IoT platform for buildings market include firms such as C3 IoT, Blue Pillar, Facilio, PTC, Schneider Electric, and Siemens.
While the launch of the CORTIX solution builds on EcoEnergy’s extensive experience in the energy and facility optimization markets, some questions UTC will need to address include: what are the synergies between CORTIX and other UTC products that will drive additional value? How do they prove the business case of IoT platforms to real estate executives that are still largely conservative about technology investments? Would embedding CORTIX into UTC building solutions, such as OTIS elevators, Carrier HVAC equipment, Lenel visitor management and its Automated Logic BMS solution drive additional services-led value, such as management of predictive maintenance opportunities for clients?
To hear more about the value proposition for facility IoT platforms and AI facility management solutions, keep an eye open on our webinars page for the upcoming Verdantix webinar Selecting an Innovative Fault Detection, Diagnostics and Predictive Maintenance Solution To Boost Equipment Uptime.