“Internet of Things” company SensorSuite® raises capital to power growth and R&D
TORONTO, April 27, 2015 – SensorSuite Inc.®, a breakthrough Internet of Things (IoT) company that provides innovative wireless monitoring and energy saving solutions for multi-residential, commercial, and industrial buildings, announced the successful closing of funding from Extreme Venture Partners, BDC Capital, and private angels. To learn more, please visit http://www.sensorsuite.com, or follow SensorSuite on Twitter, LinkedIn or Facebook
This funding will support growth plans for SensorSuite’s project pipeline and fuel the development of its disruptive monitoring and energy management platform. This unique system overcomes the traditional installation barriers to retrofitting existing buildings with energy saving control systems – the rewiring. When compared with wired solutions, SensorSuite® delivers significantly shorter payback periods, especially in retrofits, and in some cases is the only viable solution for electrically heated buildings. SensorSuite’s solution implements advanced mobile commissioning apps, as well as a highly reliable and scalable wireless network architecture suitable for controlling a single suite, entire floor, or multi-building installation.
“Commercial and industrial buildings are emerging as one of the largest opportunities for real-time analytics and intelligent control applications.” said Robert Platek, Founder and Chief Executive Officer of SensorSuite® Inc. “SensorSuite’s innovations enable property managers to save time while conserving energy.”
Smart buildings are already a $35 billion global business growing 55% annually, and yet over 90 percent of commercial buildings don’t have advanced building systems.
“SensorSuite is applying the kind of big data analytics we have seen in other domains to make commercial buildings smarter and maximize value to building managers and owners” said Sunil Sharma, Managing Partner of Extreme Venture Partners.
The first quarter of 2015 marked SensorSuite’s best quarter yet. SensorSuite’s advanced sensor networks and control systems are currently deployed in three million square feet of commercial space across customers in grocery stores, hotels, gyms, condos, and multi-residential apartment buildings.
About Extreme Venture Partners
Extreme Venture Partners (EVP) is one of Canada’s most successful venture capital funds over the past decade. Now with its second fund, EVP is excited to continue upon its track record of discovering exceptional young companies on the verge of breakout. While continuing our focus on Mobile (particularly apps, payment, health and enterprise) we are excited to be expanding our sector focus to include Big Data (including open/social data, natural language processing, machine learning and analytics) and the Internet-of-Things (wearables, robotics, drones and connected devices).
About BDC Capital
A subsidiary of the Business Development Bank of Canada (BDC), BDC Capital offers a full spectrum of specialized financing and investment solutions to help Canadian entrepreneurs achieve their full growth potential. With more than $1.6 billion under management, BDC Capital takes a strategic, patient approach to nurture companies’ development over the long term. From venture capital and equity, to growth and transition capital, our team of over 100 experienced, local professionals partner with entrepreneurs to identify and meet their needs on flexible terms. Some of the sectors in which we specialize include IT, industrial/clean/energy technology, and healthcare. For more information, please visit www.bdccapital.ca or follow us on Twitter at @BDC_Capital.
About SensorSuite® Inc.
SensorSuite® Inc. is a real-time machine intelligence platform. We reduce operational risks and improve the performance and efficiency of machines, equipment, assets, and things. We are a leading-edge, real-time sensor and control, cloud analytics platform that empowers executives and managers to extract more value out of their assets, space, and equipment; and make more informed decisions. Visit www.sensorsuite.com for more information.