Clean-tech start-up Switchee has raised a further £480,000 in seed funding to drive forward its roll-out of the first smart thermostat for large social housing providers.
The latest investment brings the company’s funding to more than £1 million following the £600,000 secured in April last year. 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, and provides aggregated, remote data analytics for housing providers, allowing them to better manage large-scale property portfolios, drive down the cost of service delivery and enhance tenants’ well-being.
The latest investment round was supported by Mustard Seed Ventures, InseadAlum Ventures, ClearlySo, and Ian Peters, the chairman of Family Mosaic and former managing director of British Gas where he played a lead role in shaping the Connected Home and Hive business.
Adam Fudakowski, managing director, Switchee, said, “The support for our second over-subscribed seed round affirms the need for technological innovation in the UK’s social housing sector. We can now build on the success of our pilots with 15 housing providers 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 tenants.”