Switchee, a ‘clean-tech’ start-up which has developed the first smart thermostat for large social housing providers, has raised over £600,000 in seed funding.
The company said that the funding will be used to expand the reach of its smart thermostat technology, which saves tenants money by detecting occupancy and turning heating off when a property is empty, and provides aggregated, remote data analytics for housing providers, allowing them to better manage large property portfolios, reduce service delivery costs and enhance tenants’ well-being.
Adam Fudakowski, managing director, Switchee, said, “The feedback from our pilot projects with housing providers has been extremely encouraging, from landlords and residents alike. We are focused on a significant summer installation programme into 11 housing associations.”
Combining temperature, motion, humidity, pressure and light sensors, with a learning algorithm and analytics, Switchee matches energy usage to residents’ weekly routines. The data that drives Switchee’s heating profiles can provide insight for landlord’s asset management teams.
The investment round, which exceeded its £550,000 target, was led by Mustard Seed Ventures and ClearlySo. The round was also supported by Wayra UK, part of Telefonica Open Future, and the property technology VC fund Pi Labs.