An Internet of Things (IoT) startup focused on home safety has raised $2.65 million in a Seed round backed by several prominent property sector investors.
Sensor Global was backed by Shane Oswin, David Lynas and David Welsh, supported by Causeway Equities, and Second Century Ventures, the VC arm of the National Association of Realtors in the USA, through its REACH Australia accelerator.
Sensor Global is the brainchild of proptech veteran Andrew Cox, founder of PropertySafe, which he sold to IAG and RACV-backed Australia’s Home Trades Hub in 2021.
The success of the Seed round, completed within 90 days, led Cox to initiate discussions for a fresh raise of $2.4 million towards expansion into the US later this year.
Sensor Global is launching its first IoT sensor – a smart smoke alarm – in Australia this month. The company has already pre-sold its patented devices to community housing and selected property managers,
Cox said Sensor Global’s cloud-connected smart residential devices reduce risk, provide significant safety improvements, time and cost savings and easier maintenance over traditional alarms and detectors.
“The property management sector understands its liability exposure more than we initially thought it would,” he said.
“The demand to be in our initial product release has been unbelievable.”
The smart IoT smoke alarm alerts users in case of tampering, power loss, or cleaning requirements. Sensor’s software integrates with most property managers’ CRM and trust management systems, enabling remote testing and 24/7 compliance audits, meaning costly and time-consuming annual physical inspections are unnecessary.
Cox and his team spend two years in research and development on their product range and over the next six months, plans to launch a suite of IoT devices, including smart water leak detection sensors, carbon monoxide alarms, and optional water shut-off valves. for early warnings on potentially catastrophic failures.
REACH Australia managing partner Peter Schravemade, said Sensor Global was the standout in its 2023 Australian cohort.
“Andrew’s knowledge and approach as a CEO and founder is exceptional. He is an expert in this field and knows the market he is selling into extremely well,” he said.
“The case for smart smoke alarms is strong as a stand-alone, but when you consider the future potential of carbon monoxide sensors, water leak detection sensors and other IoT devices, the ability for Sensor Global’s technology to save both lives and property is considerable.”
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