Switch raises $3.8m Series A – based on Space, Product and People
Jason Cheong, a partner in the $400m technology fund,
Allectus Capital was a lead investor in Deb Noller’s Switch, which has raised a $3.8M Series A round.
Why did they invest?
1. The Space
IoT and connectivity technology in Smart buildings is a hot space , and Switch is building a world-leading connected building platform, addressing problems such as
· devices connecting
· aggregate big data into useful outputs?
· maintain security of the underlying devices – protecting company and personal information on smart devices
Switch automated solution optimises the way companies use their limited resources (energy ) in a really meaningful way providing smart, real-time and secure visibility and control over connected buildings.
2. The product
- Allectus invests in high-growth businesses
- Switch has Existing customers like WeWork, Oxford Properties, Forest City – there is a need for their solution .
- It’s an enterprise SaaS providing an enormous value proposition to their customers – providing hundreds of thousand dollars of performance opportunities, showing an ROI on platform costs in 3 months, and reducing energy costs by 10-20% .
- As the Platform grows and more buildings come online, the insights across the tenancies and the ability to optimize and benchmark will be valuable
- Allectus can add value to the business
3. The people – culture, team and expertise
- Strong people – who plan to be there for the journey
- We are looking for founders that will build sustainable business models which engender trust in all of their customers, stakeholders and shareholders.
- The founders we are looking to back are passionate and driven, all the while expressing a foundational commitment to integrity, diversity and excellence.
- Strong values and radically transparent with what they are doing.
- Clear well thought out scalable vision – ideally global
- Deep industry experience
- The intense focus on customer service and satisfaction