London, United Kingdom – Switchee, the clean-tech start-up, announces it has raised a further £480,000 in seed funding to drive forward its roll out of the first smart thermostat for large social landlords.
The latest investment brings Switchee’s seed funding to a total of more than £1 million following the £605,000 secured in April 2016.
The capital will be used to expand the reach of Switchee’s innovative smart thermostat technology, which
- saves residents money by detecting occupancy and turning heating off when a property is empty, helping combat fuel poverty
- provides aggregated, remote data analytics for landlords, allowing them to better manage large-scale residential portfolios, drive down the cost of service delivery and enhance residents’ well-being.
This latest investment round was supported by Mustard Seed Ventures, a London-based impact investment firm, InseadAlum Ventures, a new Singapore-based fund with a global remit to support fast growing ventures founded by INSEAD alumni, ClearlySo and Ian Peters, the former MD of British Gas where he played a lead role in shaping the Connected Home and Hive business. Ian has been the Chair of Family Mosaic Housing Association for the last three years. Family Mosaic recently announced their intention to merge with Peabody.
Alex Pitt, Mustard Seed Director said: “Switchee has envisioned, and continues to deliver against, an innovative business model which aligns tangible landlord savings and benefits with a compelling social mission – namely to eliminate fuel poverty among social housing residents. We are very proud to continue supporting the team, including via our investment in their latest funding round”
Will Klippgen, Managing Partner of InseadAlum Ventures said: “Switchee has created a product that stands out as best-in-class and which will improve quality of life for residents as well as increase the quality of building maintenance. The team is one of the most impressive we have seen out of the INSEAD alumni and we are looking forward to working with them in growing Switchee to a global market leader.”
Adam Fudakowski, INSEAD graduate and managing director of Switchee, said: “The support for our second oversubscribed seed round affirms the need for technological innovation in the UK’s social housing market. We can now build on the success of our pilots with 15 housing associations and local authorities to further develop our analytics platform and deliver a significant return on investment for the landlords who use Switchee, while delivering greater energy and cost savings for residents.”
Combining temperature, motion, humidity, pressure and light sensors, with a learning algorithm and analytics, Switchee matches energy usage to residents’ weekly routines.
The data that drives Switchee’s heating profiles can be analysed to help landlord asset management teams identify certain maintenance issues and below standard living conditions. Switchee can trigger quicker and more cost effective delivery of services and, ultimately, help deliver better outcomes for residents.