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.
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.”