In this episode of Down Low with Joe, Lewis Martin is joined by Joe Aamidor for a market update on what is shaping the smart buildings industry in 2026.

They cover Copeland's acquisition of Bueno, what it says about OEM digital strategy, and why more major players are pushing to own the software and data layer.

They also unpack Cambio’s $18M Series A, the current state of sustainability software, and why this may now be more of a replacement market than a greenfield opportunity. Joe shares his view on fragmentation, TAM, and why smart buildings have not produced a single dominant software winner.

The conversation also dives into Clockworks’ latest raise, the strength of the fault detection category, and why established leaders are still attracting capital. Finally, Lewis and Joe discuss Trane Cloud, the broader wave of OEM platform launches, and the challenge of building and scaling software inside large incumbents.

Topics covered:

• Bueno acquired by Copeland
• Why OEMs are doubling down on software
• Cambio’s raise and sustainability software market dynamics
• Why TAM in smart buildings is often overstated
• Clockworks and the future of fault detection
• Trane Cloud and OEM digital platforms
• The challenge of building software inside large industrial companies

If you work in smart buildings, HVAC, controls, real estate technology, or climate software, this episode is packed with sharp insight on where the market is heading.

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