Entic
Headquarters: Pembroke Pines
Concept: Entic’s cloud-based software solution allows large commercial and industrial buildings to achieve peak performance in their HVAC systems and chiller plants through advanced analytics and optimization, delivering up to 40 percent energy savings.
Story: Two Broward County neighbors, an HVAC industry veteran and electrical engineer, Manuel Rosendo, and a seasoned software architect, Carlos Diaz, (pictured above) set out to find cost savings in heating, ventilation and cooling systems, otherwise known as HVAC, which represent about 42 percent of a building’s total energy usage. They developed a cloud-based platform and software that could communicate continuously with a building’s different components to identify problems and ultimately orchestrate them to achieve the desired results.
Launched: 2011
Management team: Manuel Rosendo, co-founder and CEO; Carlos Diaz, co-founder and COO; Joe Harber, president.
No. of employees: 12
Financing: Initially funded with $1.5 million from private investors, and planning to soon launch a capital drive to increase investment in sales and marketing and continued product development.
Recent milestones reached: Recently signed with the Marlins to achieve peak performance of the state-of-art stadium’s HVAC system and central plant. Over the past year, Entic saved Broward Health Medical Center more than $311,000 (about 26 percent of its energy costs), Miami Children’s Hospital is achieving an estimated $125,000 in yearly savings, and Transwestern’s 255 Alhambra Plaza is saving about $55,000 per year in energy costs. Entic has more than 6 million square feet currently under contract. “Entic has become true partners with us in our endeavor to learn more about our equipment performance and our quest to save energy,” said Diana Dominguez, a Broward Health regional manager. “We are quickly notified by Entic about any changes in the way the equipment is running so that we can take corrective action.”
Biggest startup challenge: Changing the mindset around how to get the most efficiency out of large-scale HVAC and central plants, and getting people to understand that Entic works with mechanical and control contractors, building engineers, manufacturers and building owners to reach peak performance. “The next challenge for the company has been finding the right people to continue capturing the enormous market opportunity,” Diaz said.
Next steps: Forming a network of partners and authorized resellers to help building owners realize HVAC and central plant peak performance, and continuing to innovate for greater automation and artificial intelligence.
Investor’s view: Jose Segrera, a former CFO of Terremark, is a board advisor and investor in Entic and was attracted by the large market opportunity — estimated to grow to $4 billion by 2018 — and the team’s seasoned founders. Also working in Entic’s favor: “Great timing – owners of large facilities are under increasing pressure to save on rising energy costs. They are very receptive to adopt innovative technologies that are proven to translate into significant savings. This creates a very ripe market opportunity for Entic,” he said.
Segrera believes Entic has made great strides in articulating its value proposition and eliminating barriers to entry. To create the foundation for exponential growth, his advice is focus, focus, focus. “The differentiator of a great company selling into the enterprise sector is not always the coolest technology but very good technology coupled with clear and focused distribution of the product,” he said.
Website: enticusa.com
Nancy Dahlberg
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Posted 8/26/2013