Troy Harvey to Attend RET Ventures CEO Summit
PassiveLogic CEO Troy Harvey is set to attend the annual RET Ventures CEO Summit on July 19th and 20th in Park City, Utah.
Real Estate Technology Ventures (RET Ventures) is a real estate-focused investment firm that “connects the smartest rent tech solutions with the largest network of multifamily and single-family rental units in North America.” Backed by strategic investors “who own and manage over two million multifamily and single family units across the U.S. and Canada,” RET Ventures scouts and invests in promising tech companies with applications in real estate. Through investments in their portfolio companies, RET Ventures provides their LPs (limited partners) “early access and insight into the most effective technology solutions” for their property holdings.
The investment firm hosts the RET Ventures CEO Summit annually in the ski town of Park City 40 minutes east of Salt Lake City. The summit brings together the LPs of RET Ventures as well CEOs and similar executives of RET Ventures’ portfolio companies. In addition to providing networking opportunities between LPs and industry leaders in PropTech (property technology), portfolio companies are able to showcase their products and the unique applications of their technology as used in multi-family asset holdings.
Troy Harvey, CEO and Co-founder of Salt Lake City-based tech startup PassiveLogic — will be attending this year’s RET Ventures CEO Summit. In 2020, RET Ventures officially added PassiveLogic to their portfolio following the tech startup’s Series A funding round of $16 million. As creators of the first fully autonomous platform for buildings, PassiveLogic presents a substantial benefit to RET LPs via the implementation of future forward building controls.
A core service of the PassiveLogic platform for generalized autonomy is the ability to immediately improve the functionality and energy efficiency of building controls. Buildings use 41% of energy worldwide, and 100% of buildings require control systems; the most cost–efficient path to maintaining and managing buildings lies in better controls, and the PassiveLogic platform — proven to save an average of 30% energy savings in buildings — presents a financially conscious and even profitable opportunity for real estate holding companies.
The PassiveLogic platform also provides a benefit to both building managers and occupants. Because PassiveLogic is designed to be usable by the average installer, the labor time to install and operate building controls is reduced by 90% as the AI platform handles programming and guides the wiring process. Furthermore, a building management system (BMS) that fully understands itself on an ontological level — as related to its structure, system, and occupants — is able to maximize occupant comfort and account for future demands. As such, PassiveLogic not only reduces building management costs for holding companies, but simultaneously facilitates workflow for building operators and managers while improving the comfort quality for occupants — resulting in a positive outcome for everyone in the building lifecycle.
RET Ventures recognizes this industry-changing potential for autonomous building controls — and as an intermediary between their LPs and emerging PropTech is providing an important service in accelerating the advancement of multi-family building technologies.
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