Company secures over £600,000 in funding to support development of smart technology that's capable of detecting occupancy and has humidity, pressure and light sensors
The London-based start-up behind a pioneering smart thermostat for large social landlords has raised £605,000 in seed funding to help support its expansion plans.
Clean tech firm Switchee announced on Monday it had topped its £550,000 fund-raising target, thanks to funding from a range of investors including impact investment firm Mustard Seed Ventures, impact investment bank ClearlySo, and Ian Nolan, former chief investment officer of the Green Investment Bank and 3i Group.
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Switchee said the funding will be used to upgrade its analytics functionality and expand the reach of its thermostat technology, which combines temperature, motion, humidity, pressure and light sensors with a learning algorithm and analytics in order to help curb energy use and optimise building performance.
The smart technology can detect occupancy and turn heating off when a property is empty and provides remote aggregated analytics to help landlords improve their management of large-scale residential portfolios.
Switchee is currently installing its technology in 11 housing associations, the company said.
Adam Fudakowski, managing director of Switchee, said the tool will help alleviate the financial burdens placed on housing associations through revenue cuts, increased rent-collection costs, and higher regulatory standards by lowering energy bills for residents and reducing service costs for landlords.
"The feedback to date from our pilots with housing associations has been extremely encouraging, from landlords and residents alike," he said in a statement.
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