Cityzenith, an issuer on a mission to decarbonize US urban areas with its Cities – Clean Future strategy, has quickly raised over $847,000 in one week on Wefunder in a Reg CF securities offering.
According to the offering page, Cityzenith is looking to raise up to $5 million at a pre-money valuation of $18.2 million. As of today, 623 investors have backed the offering.
Cityzenith CEO and Founder Michael Jansen commented in a note shared with Crowdfund Insider:
“Wefunder provided Cityzenith with access to over 1 million potential investors we previously couldn’t access, and in a very short space of time helped the company get off to a great start towards our investment goals.”
Jansen added that cities worldwide account for around 70% of global carbon emissions and consume over two-thirds of the world’s energy, despite covering only 2% of the world’s surface.
“Digital Twin innovations such as SmartWorldOS™ can provide the essential interconnectivity required to reduce these emissions radically. Handling massive data streams harnessed to cutting-edge AI, we have delivered custom climate resilience applications to greenfield cities, real estate developments, and infrastructure projects. We know the issues and can help solve them for those who design, build, and manage cities, demonstrating major financial benefits to the built environment.”
Cityzenith reports that it has previously raised over $11 million adding about $4 million since the beginning of 2021. An ongoing Reg A+ offering is also being pursued by the company. The company states that it has added over $4.6 million in new contracts this year and $11 million to its sales pipeline.
Cityzenith explains that its AI Digital Twin platform software SmartWorldOS can create virtual replicas of cities and infrastructure to track, manage and reduce carbon emissions. The service is expected to produce savings and efficiencies worth 35% of operating and maintenance costs for buildings and carbon emissions by up to 100%.
Cityzenith expects the Digital Twin sector will grow from $3.1 billion in 2020 to $48.2 billion per year by 2026, at an annual CAGR of 58%.
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