Venture Capital News: IOTAS Pulls In $8.5M Series A Financing
PORTLAND, OR, IOTAS announces the completion of its Series A round of funding led by TELUS Ventures and including participation by Liberty Global.
IOTAS, the leading IoT-as-a-Service smart apartment platform, is proud to announce the completion of its Series A round of funding led by TELUS Ventures and including participation by Liberty Global. Early investor, Intel Capital, recommitted capital in this round to fuel growth. IOTAS' total investment to date exceeds $17 million. This round of funding will be directed toward driving growth of IOTAS' Enterprise SaaS offering, a new platform for Smart Communities and expansion into international markets.
IOTAS creates Smart Apartments for the $1 Trillion Multi-Family-Home (MFH) real estate industry1. The MFH industry sees Internet-of-Things (IoT) as the future because it attracts more residents at premium leasing rates while reducing operating costs and mitigating risks such as water leaks that average $11,000 per incident. IOTAS is seen as the leading turnkey IoT provider in the PropTech market because it paves a faster and easier path to transforming units into smart apartments.
"With this new round of funding we're excited to be working with enterprises, integrators, and dealers to enable them to offer IoT as part of their own offering," said Sce Pike, Founder and CEO of IOTAS. "We have seen about 20 percent of all new residential construction embracing PropTech this year with at least a few smart devices, and we forecast that number will double next year. I predict that in five years all new residential construction will go live as a Smart Community. We are also experiencing 75 percent growth in conversion to smart devices, such as smart locks and smart thermostats in existing residential buildings, and see a huge opportunity for growth in a variety of housing types ranging from garden style apartments, to low and mid-rise apartments, and affordable housing."
"The way we live is changing. With the advancement of the Internet of Things, TELUS continues to push boundaries and advance our position in the Canadian smart home and security space through identifying and investing in new and emerging technologies," said Rich Osborn, managing partner, TELUS Ventures. "The development of Smart Buildings and Cities supported by strong Corporate Venture Capital funding means we will continue to see more innovative third wave technologies like IOTAS. A pioneer in this space, IOTAS provides a complete but simple user-centric IoT Smart Home experience and like us, is driven by a mission and vision of improving the lives of the people living in our communities and making a positive social and financial impact through leading-edge innovations."
"We are excited to participate in this next phase of funding for IOTAS," stated Don Parsons, Vice President, Liberty Global Ventures. "We view Smart Communities and PropTech as an innovative and efficient go-to-market strategy that can quickly scale smart homes and smart building adoption. As IoT is rapidly emerging, we believe IOTAS has exceptional potential to continue benefiting the real estate industry and efficiency-seeking consumers in the United States as well as the international markets where it will soon launch. IOTAS aligns strongly with our Ventures' aim to provide opportunities for growth and technology advancement in an increasingly connected world."
As part of the investment Jason Macdonnell, president, Security and Automation, TELUS; and Don Parsons, Liberty Global Ventures, will be joining the IOTAS board. Tim Enwall, CEO of Misty Robotics and the former Head of Nest Labs, and Alison Andrew Reyes, Partner at 1843 Capital, along with Sce Pike, CEO of IOTAS, will continue to serve on the board.
With this new round of funding, IOTAS will expand its footprint by offering white label solutions of its new enterprise platform, which enables Telco's ISP's, OEM's, Utilities, and Retailers to offer Smart Community solutions easily via IOTAS' framework (SDKs and APIs). IOTAS was recently recognized by Start-up Grind as '2019 Growth Start-up of the Year.' The company also received CRE Tech's 2019 #RETAS (Real Estate Tech Awards) award for the 'Smart Property' category. IOTAS has also been recognized by SparkAmplify as a top consumer electronics startup to be featured at TechCrunch Disrupt SF 2019 and will be exhibiting on October 4, 2019.
About TELUS Ventures
As the strategic investment arm of TELUS Corporation (TSX: T, NYSE: TU), TELUS Ventures was founded in 2001 and is one of Canada's most active corporate venture capital funds. TELUS Ventures has invested in over 70 companies since inception with a focus on innovative technologies such as Digital Health, IoT, AI and Security. TELUS Ventures is an active investment partner and supports its portfolio companies through mentoring; exposure to TELUS' extensive network of business and co-investment partners; access to TELUS' technologies and broadband networks; and by actively driving new solutions across the TELUS ecosystem.
About Liberty Global
Liberty Global (NASDAQ: LBTYA, LBTYB and LBTYK) is one of the world's leading converged video, broadband and communications companies, with operations in six European countries under the consumer brands Virgin Media, Telenet and UPC. We invest in the infrastructure and digital platforms that empower our customers to make the most of the digital revolution. Our substantial scale and commitment to innovation enable us to develop market-leading products delivered through next-generation networks that connect 11 million customers subscribing to 25 million TV, broadband internet and telephony services. We also serve 6 million mobile subscribers and offer WiFi service through millions of access points across our footprint.
In addition, Liberty Global owns 50% of VodafoneZiggo, a joint venture in the Netherlands with 4 million customers subscribing to 10 million fixed-line and 5 million mobile services, as well as significant investments in ITV, All3Media, ITI Neovision, LionsGate, the Formula E racing series and several regional sports networks.
Intel Capital invests in innovative startups targeting artificial intelligence, autonomous technology, data center and cloud, 5G, next-generation compute, and a wide range of other disruptive technologies. Since 1991, Intel Capital has invested US$12.6 billion in more than 1,560 companies worldwide, and 677 portfolio companies have gone public or participated in a merger or acquisition. Intel Capital curates thousands of business development introductions each year between its portfolio companies and the Global 2000. For more information on what makes Intel Capital one of the world's most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.
IOTAS provides residents with a Smart Home solution that works right when they move-in and gives them the ability to control and monitor entry into their apartment units, cool/heat their home remotely, detect leaks, set routines & scenes, control lighting all through the IOTAS app or via voice using Amazon Alexa or Google Home. For building owners and property managers the IOTAS platform equips them to effectively monitor and streamline intrinsic building operations by automating energy savings and day-to-day operations such as managing vacant units and common areas. IOTAS has been recognized by Fortune, Wired, ABC, NBC, FastCo and more as the new way of building and renovating residential real estate. For more information, visit www.iotashome.com.
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