Covetool

Covetool

Cloud-based software for energy-efficient building design

About Covetool

Simplify's Rating
Why Covetool is rated
B-
Rated D+ on Competitive Edge
Rated B on Growth Potential
Rated A on Rating Differentiation

Industries

Data & Analytics

Industrial & Manufacturing

Energy

Company Size

51-200

Company Stage

Series B

Total Funding

$35.7M

Headquarters

Atlanta, Georgia

Founded

2017

Overview

Cove.tool provides a cloud-based software platform that helps professionals in the architecture, engineering, and construction (AEC) industry design buildings with a focus on energy efficiency and sustainability. The platform utilizes advanced algorithms and data analytics to analyze various design elements, such as energy use intensity, lighting, HVAC systems, and shading effects. Users can input different design variables to see how changes impact energy performance and carbon emissions, enabling them to make informed decisions that lead to cost savings and environmental benefits. Unlike many competitors, Cove.tool offers a user-friendly interface and a subscription-based model, making it accessible for a wide range of clients, including architects, engineers, contractors, and building owners. The company's goal is to support the creation of energy-efficient buildings and contribute to global sustainability efforts, aligning with regulatory requirements and certifications like LEED.

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Simplify's Take

What believers are saying

  • Recognition by TIME as a top GreenTech company boosts cove.tool's industry credibility.
  • Partnerships, like with SolaBlock, enhance cove.tool's sustainability consulting capabilities.
  • Growing demand for net-zero buildings aligns with cove.tool's sustainability goals.

What critics are saying

  • Emerging competition from AI-powered platforms like Autodesk could erode market share.
  • Economic downturns may impact funding for green building projects, affecting demand.
  • Complex building codes require constant software updates, straining cove.tool's resources.

What makes Covetool unique

  • Cove.tool integrates AI to optimize building design for energy efficiency and sustainability.
  • The platform offers real-time, data-driven insights for architects and engineers.
  • Cove.tool's subscription model provides scalable access to advanced sustainability consulting services.

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Funding

Total Funding

$35.7M

Below

Industry Average

Funded Over

3 Rounds

Notable Investors:
Series B funding is typically for startups that have proven their business model and need more funding to expand rapidly—often by entering new markets or adding more products. Investors are usually venture capital firms that specialize in later-stage investments.
Series B Funding Comparison
Below Average

Industry standards

$35M
$30M
Covetool
$45M
Linktree
$65M
Substack
$100M
ClickUp

Benefits

Health Insurance

Dental Insurance

Vision Insurance

Unlimited Paid Time Off

Hybrid Work Options

Onsite Gym membership

Employer-paid public transit pass and biking stipend

Competitive Pay

Work-Life Balance

Snacks, beer, team events

Growth & Insights and Company News

Headcount

6 month growth

-3%

1 year growth

0%

2 year growth

0%
Business Wire
Sep 26th, 2024
cove.tool Announces Launch of "Build Like It's the End of the World" Book

cove.tool announces launch of "Build Like It's the End of the World" Book.

Hypepotamus
Jun 28th, 2024
Friday “Fund” Day: Southeast Tech Headlines From The Week Of June 24, 2024

Atlanta say its first 100 degree day in nearly five years this week. To beat the heat, stay inside and catch up on this week’s headlines!. The Big Story

Business Wire
Mar 25th, 2024
Cove.Tool Named To Time’S List Of America’S Top Greentech Companies Of 2024

ATLANTA--(BUSINESS WIRE)--cove.tool, the AI-powered sustainability consulting company, today celebrates being recognized by TIME Magazine as one of America’s Top GreenTech Companies 2024, which recognizes sustainability-focused companies based on their positive environmental impact, financial strength and innovation. TIME partnered with Statista, Inc., a leading statistics portal and industry ranking provider, to create this inaugural list by analyzing data points such as value of the company's intellectual property portfolio, revenue and funding, and environmental data specific to each industry. cove.tool is ranked as one of the top ten companies in TIME’s “Built Environment” category. The company is focused on setting a new standard in sustainability consulting, merging building science expertise with advanced analytical software and AI innovations. It aims to equip building industry professionals with the data needed to make better decisions on projects and drive decarbonization efforts forward. This recognition from TIME highlights cove.tool's commitment to developing solutions that elevate industry standards and significantly contribute to a more sustainable global future

Yahoo Finance
Mar 25th, 2024
Cove.Tool Named To Time'S List Of America'S Top Greentech Companies Of 2024

AI-Powered Sustainability Consulting Company Recognized for Positive Impact on Built EnvironmentATLANTA, March 25, 2024--(BUSINESS WIRE)--cove.tool, the AI-powered sustainability consulting company, today celebrates being recognized by TIME Magazine as one of America’s Top GreenTech Companies 2024, which recognizes sustainability-focused companies based on their positive environmental impact, financial strength and innovation. TIME partnered with Statista, Inc., a leading statistics portal and industry ranking provider, to create this inaugural list by analyzing data points such as value of the company's intellectual property portfolio, revenue and funding, and environmental data specific to each industry.cove.tool is ranked as one of the top ten companies in TIME’s "Built Environment" category. The company is focused on setting a new standard in sustainability consulting, merging building science expertise with advanced analytical software and AI innovations. It aims to equip building industry professionals with the data needed to make better decisions on projects and drive decarbonization efforts forward.This recognition from TIME highlights cove.tool's commitment to developing solutions that elevate industry standards and significantly contribute to a more sustainable global future."Our core mission has always been centered on reducing carbon emissions within the built environment sector," says Sandeep Ahuja, CEO and Co-Founder of cove.tool. "This acknowledgment by TIME, alongside other industry pacesetters, not only validates our achievements in environmental innovation but also bolsters our resolve to further our impact, but we are proud to say through our platform, we have offset over 45 million tonnes of carbon over the last six years."cove.tool’s transformative solutions include project.assist, the company’s AI-powered sustainability consulting service focused on democratizing access to on-demand, sustainable design insights; and revgen.tool, bridging the gap between manufacturers and architects to promote the adoption of materials with lower embodied carbon through its AI-powered reporting feature, design.assist.Story continues"This honor from TIME propels us forward, reinforcing our dedication to combating climate change alongside our peers," adds Ahuja. "It is a testament to the collective strength and vision shared by companies committed to securing a brighter, more sustainable future."To learn more about cove.tool and its path to transform the building design and construction industry, visit https://cove.tools/.About cove.toolcove.tool is an AI-powered sustainability consulting company that leverages proprietary software and AI to find data-driven insights to transform building design and construction

Business Wire
Feb 8th, 2024
Cove.Tool Announces Partnership With Solablock Will Focus Leveraging New Sustainability Consultant Feature

ATLANTA--(BUSINESS WIRE)--cove.tool, the AI-powered data engine transforming building design, is pleased to announce its official partnership with SolaBlock, an innovative construction and clean-tech startup company. SolaBlock will harness the capabilities of cove.tool’s revgen.tool product, which now includes a new AI-powered feature, design.assist. This collaboration will enable architects to make data-driven design decisions on a range of performance strategies early in the process including clean energy options and facade treatments. “With our recent launch of design.assist, cove.tool customers gain access to an AI-powered Building Science professional. This game-changing resource delivers custom reports based on trusted, validated data, assisting companies in streamlining their sustainability goals and simplifying complex tradeoffs,” says Sandeep Ahuja, CEO of cove.tool. “By utilizing these tools, users can now compare SolaBlock to other clean energy products and easily recognize the impact of its unique enablement of net-zero construction.”

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