Fundraising Fox

Carnot Innovations

Entrepreneur First '18

Hong Kong, HK Β· Founded 2018 Β· 2 known investors

carnot-innovations.com β†—

Carnot Innovations offers an AI-powered analytics platform for smart buildings that acquires data from existing building management systems (BMS) and IoT sensors to deliver energy optimization, predictive maintenance, and continuous commissioning. It targets facility managers of buildings with chiller plants, providing actionable insights and automated energy controls.

Also known as Carnot Β· Carnot Innovations Limited

AI & Machine LearningCleantechConstruction TechData & InfrastructureEnergyPropTech

Founders & leadership

Carnot Innovations was founded in 2018 by Ashish Justin and Chris Choy.

AJAshish Justin
Ashish JustininCo-Founder and CEO
CC
Chris ChoyinCo-Founder

Investors Β· 2

Company profile

researched Aug 2026

Carnot Innovations Limited develops an AI-based software analytics platform for commercial building HVAC systems. The platform acquires data from existing building management systems (BMS) and remote IoT sensors, stores and annotates trend logs and sensor points, and applies machine learning anomaly detection together with logic-based fault detection to identify and predict maintenance, control-logic and operational defects in chillers, pumps, cooling towers, heat pumps and air handling units. Outputs include data visualization dashboards, prescriptive maintenance notifications and identified energy-efficiency opportunities, which the company frames as AI-enabled continuous commissioning.

A second component is a chiller plant optimization engine that generates optimal setpoints and staging/sequencing logic for chiller plant equipment and writes them back to equipment controllers, automating energy optimization on both the water side and the air side. The company states the software runs in parallel with, rather than overriding or replacing, an existing BMS, and that it is applicable to any site with a chiller plant and BMS. Beyond building performance, Carnot describes work with stakeholders on ESG targets and carbon emissions tracking.

The company was established in 2018 and is headquartered in Hong Kong, initially focusing on fault detection for building management systems before adding AI models for energy optimization control strategies.

Compiled by commissioned research from 6 cited public sources β€” announcements, filings, and press listed under research sources below.

Key figures

latest reported
Average ROI periodJan 20242 years
Buildings deployed (major commercial buildings in Hong Kong)Mar 202515 buildings
CO2 emissions savedJan 202410,200,000 kg/year
EmployeesMar 202511-50
Energy cost reduction over existing BMS controlsJan 202415%
Energy cost savings over existing BMS controls (parsers.vc profile)Mar 202520%
Energy saved (cumulative annualized impact)Jan 202415,000,000 kWh/year
Energy savings, 12 Grade A commercial building portfolioJan 202410%
Energy savings, data centre clientJan 202415%
Energy savings, railway clientJan 202411%
Fan power energy savings, Singapore Grade A commercial building POCJan 202414.3%
Followers (parsers.vc profile)Mar 2025873 followers
Hidden faults uncoveredJan 202490%
Projected energy savings, hospital clientJan 20245%
Reduction in key operation faultsJan 202450%
Typical deployment timeJan 202412 weeks

Company-reported or press-reported figures, each dated to when it was claimed β€” not independently audited.

Timeline Β· 13

launches, deals, and filings
Jun 2024
Won 2024 ASHRAE Hong Kong Chapter Technology Award

The headquarters building of a bank in Central was honored with the 2024 Technology Award in the Commercial Building (Existing) category for deployment of Carnot's advanced data analytics system.

source β†—

May 2024
Reached final stage of energy management project for a Hong Kong district public hospital

source β†—

Mar 2024
Gold Prize at PropTech Excellence Awards 2024

Won Gold Prize in the PropTech Solutions of the Year - ESG in PropTech category.

source β†—

Mar 2024
Sewage treatment works proof of concept completed

POC project for a sewage treatment work completed in Q1 2024, showing annual energy cost savings of 5%.

source β†—

Jan 2024
Began working on Hong Kong government projects

source β†—

Jan 2023
Lantau Island Solar Path Model project

Project to build a solar path model for Lantau Island that simultaneously monitors and analyzes ambient data.

source β†—

Jan 2022
AI optimization deployment across 52 residential-area shopping malls

source β†—

Jan 2021
Champion (Startup Team) and Most Sustainable Award at New World Innovation Challenge

source β†—

Jan 2021
HK ICT Awards Startup (Software & Apps) Certificate of Merit

source β†—

Jan 2020
Secured projects in Thailand and Singapore

Deployed software in malls, hotels and hospitals in Thailand and Singapore.

source β†—

Nov 2019
Reported to have raised over $800,000

Press digest reported Hong Kong-based proptech startup Carnot Innovations raised over $800,000.

$800K source β†—

Jan 2019
First project: portfolio of 12 Grade A commercial buildings in the CBD

source β†—

Jan 2019
Joined InnoTech Programme and moved into Hong Kong Science Park

source β†—

Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.

β–ΈResearch sources Β· 6

primary sources listed

6 public sources were cited for this profile; the first-party ones are listed here.

Frequently asked questions

What does Carnot Innovations do?
Hong Kong-based AI analytics platform that optimizes HVAC energy use and predicts equipment faults in commercial buildings.
Who founded Carnot Innovations?
Carnot Innovations was founded by Ashish Justin, Chris Choy in 2018.
Who are Carnot Innovations's investors?
Carnot Innovations's investors include 500 Global, Entrepreneur First.
Where is Carnot Innovations headquartered?
Carnot Innovations is headquartered in Hong Kong, HK.