Clean-tech start-up Switchee raises £480,000
Expansion on the cards for business which has created a smart thermostat device that learns your weekly household routine...
Switchee, a clean-tech start-up, has raised £480,000 in seed funding from Mustard Seed Ventures, InseadAlum Ventures, ClearlySo and Ian Peters, the former MD of British Gas.
Co-founded by Adam Fudakowski and Ian Napier, the London-based company aims to help tenants save energy and provide landlords with remote data analytics via its smart connected thermostat device.
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Combining temperature, motion, humidity, pressure and light sensors, the thermostat uses a learning algorithm and analytics to ‘learn’ your weekly routine and can gauge when to turn off the heating when no-one is home.
The device is also able to compare energy usage with neighbouring properties so it can prompt residents to turn their heating down.
Having secured over £1m in finance, including £605,000 investment in April 2016, Switchee plans to use the funds to expand the reach of its tech. As Fudakowski explained:
“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.”
Alex Pitt, director at Mustard Seed Ventures, also commented: “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.”