Runwise

Runwise is a New York-based building technology company that supplies a vertically integrated smart control platform for existing residential and commercial buildings. The system combines proprietary wireless hardware and connectivity with cloud-based software to operate heating (boilers and city steam), cooling (chillers and cooling towers), electric and water systems, replacing legacy control infrastructure that historically required dozens of devices, extensive wiring and weeks of installation labor. The company states installation is completed wirelessly in a day or less, with no maintenance for ten years.

Beyond energy control, the platform includes gas leak detection, flood and toilet-leak monitoring, smoke and fire detection, remote building access, indoor temperature tracking and portfolio-level energy reporting accessible from a mobile device. Runwise positions transparency as a core principle, publishing performance results from all buildings it manages, and reports typical energy savings in the 17-25% range depending on the system, with an average heating saving of 21.6% and payback in under five months. In New York, the company also markets reductions in Local Law 97 carbon fines, citing an average $19,000 fine reduction per building. Support offerings include 24/7 human-answered phone support and same-day technician service.

Runwise was founded in 2010 by Jeff Carleton (CEO), Lee Hoffman (President) and Michael "Mike" Cook (Chief Growth Officer). It has raised institutional venture capital from Fifth Wall, Menlo Ventures and others, and describes itself as the most capitalized and widely deployed smart building platform in the U.S.

Founding story

Runwise was founded in 2010 by Jeff Carleton, Lee Hoffman and Michael Cook, and is based in New York City. The founders' stated premise is that most buildings, old and new, still operate on 1960s-era control technology that wastes energy and money and produces substantial CO2 emissions, and that buildings should be "rebuilt with software, not bricks."

Business model

Runwise sells and installs its own wireless control hardware into existing buildings and operates them through its cloud software platform. Buildings are onboarded with zero upfront cost, with the company citing an average of at least $1,725 of profit per building in the first month and a typical payback period of under five months. Utility rebate programs are used to offset system costs.

Customers pay nothing upfront for installation, with the offering positioned around energy cost savings that exceed the cost of the system from the first month; the company also helps customers identify applicable utility rebates.

Traction

More than 10,600 Runwise-powered buildings and over 1,000 customers, with more than $173M in generated savings cited on the company website; the June 2025 funding announcement cited over 10,000 buildings and more than $100 million (per ESG Today, over $115 million) in cumulative customer energy cost savings, carbon reductions equivalent to more than 100,000 cars off the road, and $151M in Local Law 97 fine reduction. The company reports over 30X growth since its seed round and a 99.6% renewal rate.

Latest developments

In June 2025 Runwise announced a $55M Series B financing led by Menlo Ventures, described in the company's press release as twice oversubscribed and bringing total funding to $79M. ESG Today reported the $55M comprised $30 million of Series B equity and $25 million of debt financing from Multiplier Capital. Menlo Ventures partner Steve Sloane joined the board. Capital is directed at product innovation, team expansion and entry into new markets.