Growth & Exit Strategies

Exit Scenario 1 – Trade Sale

• Sweco
• Siemens
• Honeywell
• Johnson Controls
• Equans
• Anthropic

Exit Scenario 2 – Private Equity

Two cases

• The Management Case reflects the trajectory targeted by management and assumes successful execution of the company's growth plan.
• The Conservative Case reflects a more cautious outcome in which commercial adoption progresses more gradually and the company reaches a lower scale at exit.

Key management participation in the share capital

Conditions of the offer

Conditions precedent to the offer

• The total amount of subscription commitments to this capital increase is at least €200,000 and does not exceed €1,200,000.
• The capital increase is carried out on the basis of a pre-money valuation of no more than €4,300,000.
• Spreds Finance participates in the capital increase for an amount equal to the proceeds of the subscription to Participatory Notes of the Builtwins 1A compartment. This amount must be at least €100,000.
  
  

Tax Shelter (45%)

Valuation of the company

• The technology is the result of fundamental and applied research at KU Leuven, led by co-founders Dr. Ir. Filip Jorissen and Dr. Ir. Damien Picard. 
• Cumulative R&D investment during the KU Leuven period: approximately €800,000 (non-indexed), contributed through a commercial licensing agreement with KU Leuven. 
• Validated through international EU research projects (Horizon 2020 and Horizon Europe). 
• International frontrunner in physics-based Model Predictive Control (MPC). 
• Physics-based MPC using Modelica modeling delivers accurate results from day one, remains explainable, and performs robustly outside the training domain — characteristics that black-box machine learning competitors structurally lack. 
• This approach is the result of years of scientific development and cannot be replicated through standard data-driven methods or off-the-shelf AI tooling. 

• The team deliberately chose to bootstrap before raising external capital. 
• Objective: identify and solve technological challenges before scaling the business, thereby reducing financial risk for investors and validating the technology in real buildings. 
• Result: Builtwins is no longer an early-stage project but an operational company with proven technology and satisfied customers. 

• The solution has been successfully deployed in approximately 17 projects/buildings (>300,000 m²), including reference sites such as Herman Teirlinck and VAC Mechelen. 
• 0% churn — all customers remain active and satisfied. 
• Average HVAC energy savings of 20–40%. 

• The valuation is based on Builtwins’ financial plan (management case and conservative case). 
• Both scenarios demonstrate a clear and traceable path toward €5 million ARR as an exit threshold. 
• Serviceable Addressable Market (SAM): €450 million (conservative estimate) up to €1.4 billion based on bottom-up analysis. 

• Dnergy (Belgium, comparable approach): approximately €10 million raised, with a last known valuation of €26 million. 
• PassiveLogic (United States, physics-based digital twins with proprietary hardware): more than $100 million raised to date. 
• BrainBox AI (Canada, AI-driven HVAC optimization): more than $70 million raised to date. 

• Typical valuation multiples for comparable SaaS companies in proptech and energy tech range from 5x to 8x ARR in strategic exit scenarios. 
• Companies with proprietary, difficult-to-replicate technology generally command structurally higher multiples, as the IP layer represents independent value on top of recurring revenue. 
• Builtwins deliberately applies a conservative multiple of 3x to 5x forward ARR. 
• The €4.3 million valuation corresponds to the lower end of that range and includes an implicit discount reflecting the company’s current stage of scale. 

• Siemens, Honeywell, and Johnson Controls dominate the building automation market and are directly impacted by the type of technology developed by Builtwins, positioning the company as a potential acquisition target. 
• The proprietary physics twin is precisely the type of IP that large incumbents are unlikely to develop internally within a short timeframe and are therefore more likely to acquire externally. 
• The addition of agentic AI services on top of the physics twin also makes major AI platforms potential strategic partners or acquirers.

Confirmed Amounts

Use of Proceeds

• Team (Hiring) – 45%: Recruitment of 7 additional FTEs (sales engineers, implementation specialists and software engineers) to expand the team from 3 to 10 FTEs. This will enable the execution of the existing contractual pipeline and support the scaling of new commercial opportunities.
• Sales & Marketing – 25%: Expansion of the commercial pipeline beyond the Sweco channel through direct prospecting of building owners and facility managers, marketing campaigns, participation in conferences, and the development of new distribution and partner channels.
• Product and R&D – 20%: Expansion of the development team and further enhancement of the existing platform. This includes improving the robustness and scalability of the core Model Predictive Control (MPC) algorithms, expanding protocol and hardware compatibility, and reducing onboarding costs. Resources will also be allocated to the development of agentic AI tools that automate the creation of digital twins and building commissioning, as well as to expanding functionalities related to smart energy grids and electrification, including the management of EV charging infrastructure, battery systems, and participation in frequency reserve markets.
• General & Administrative – 10%: Office, legal, accounting, and IT expenses, as well as the operational overhead required to support the company’s continued growth.

Subscription period