스마트 빌딩 부문 스타트업(2026년) : M&A 및 투자｜AEC/O 라이프 사이클 전체의 디지털 트윈 및 AI 스타트업

This Report is the Definitive Resource for Evaluating Startups, Innovation, & Investment Trends in the Smart Building & PropTech Space 2026

The smart building startup ecosystem has reached an inflection point. While venture capital funding has moderated, M&A activity has exploded, with 98 startup acquisitions in 2025 alone, a 75% increase on 2024 and the highest annual total in the last decade. This consolidation signals a maturing market where proven business models are commanding attention from strategic buyers.

It is our 8th comprehensive evaluation of startups and scaleups in the operations and maintenance phase of the lifecycle of commercial real estate. It builds on our previous research into Grid-Interactive Buildings, HVAC Optimization, Artificial Intelligence, the Internet of Things, Video Surveillance, and Access Control.

The research includes a spreadsheet listing all 2025 funding rounds, corporate investors, M&A activity, technology categories, and 84 digital twin and AI startups across the AEC/O lifecycle, plus 2 presentation files with high-resolution charts. This report is included in our 2026 Enterprise Subscription Service.

Why This Research Matters in 2026?

• The ecosystem has fundamentally shifted from a growth phase to a consolidation phase. We identified only 11 new startups founded in 2025, and there has been a steady decline from the peak of 195 in 2016.
• BUT Funding Activity for smart building startups is not down that much. It reached $6.5 billion in 2025, spread across 281 funding rounds, a 5% decrease in the number of rounds, and a 14% decrease in total value.
• AND the average value of Seed and Series A investments has increased. Investors are being much more selective, making fewer but larger investments.
• What does this all mean? Currently, it is a tough environment for startups. Investment is harder to come by, and investors are prioritizing companies with solid fundamentals and clear revenue streams. Fifth Wall, a prominent PropTech VC, recently cut staff and stopped active fundraising, citing high interest rates and the Trump Administration's climate policies as factors in the decision.

Our definition of a startup is "a private company formed no earlier than 2014 that is focused on the commercial and industrial buildings market, is not a subsidiary or an acquisition of a larger company, and is generally financed by venture capital or private equity funding."

Intense M&A Activity

2025 saw an intense year of M&A activity, with 98 startups founded since 2014 acquired in 2025, representing a 75% increase compared to the same period in 2024. Since 2014, we have recorded 554 startup acquisitions in the smart commercial buildings sector.

There were 20 IoT platform acquisitions in 2025, including Vertiv's purchase of Waylay NV. Digital twin deals including Oakglen Group acquiring Pupil (UK) and Zutec purchasing Operance (UK).

NEW in 2026: Digital Twin & AI Startups Across the AEC/O Lifecycle

Part 2 of this report introduces expanded coverage of new companies applying digital twin and AI technologies across all stages of the building lifecycle, from architecture and design through engineering, construction, and operations.

84 companies are profiled in our comprehensive appendix, categorized by: Lifecycle stage (Architecture, Engineering, Construction, Operations), founding date and headquarters location, funding stage, and technology focus (52 AI-focused, 32 digital twin-focused). We profile 20 of these companies with an in-depth analysis of their offering, strategic focus, funding history, and market positioning.

2026 Outlook

We forecast significant shifts in the smart buildings startup landscape:

• Fewer deals, larger rounds, and heavier strategic participation as the market continues to mature.
• Consolidation will accelerate as incumbents move from minority investments to acquisitions and platform consolidation.
• Strategic buyers will continue repositioning portfolios around AI-enhanced digital building operations.

40 Startups Who Gained Traction in 2025

As part of this research, we also identified 40 startups that we believe gained market traction in 2025, selected based on organic growth, innovative business models, strategic investor interest, and headcount growth.

Who Should Buy This Report?

This research will be valuable to:

• Strategic acquirers seeking targets to expand technology portfolios.
• Building owners and operators assessing emerging technologies.
• Technology vendors who want to understand competitive positioning.
• Investors (VCs, PE firms, corporate VC arms) evaluating smart building opportunities.