Sensor Global – a start-up specialising in residential “internet of things” (IoT) technology – has successfully closed its seed funding round with $2.65 million.
A who’s-who of well-known property business investors including Shane Oswin, David Lynas and David Welsh supported the seed round together with Causeway Equities LLC and Second Century Ventures, the VC arm of the National Association of Realtors in the USA, through its REACH Australia accelerator.
The startup is headed by veteran proptech innovator Andrew Cox who successfully exited Property Safe to Australia’s Home Trades Hub (a Joint Venture between IAG Insurance and RACV) in 2021.
Sensor Global is set to launch its first IoT sensor – a smart smoke alarm – in Australia in late July. The company has already pre-sold its patented devices to community housing and selected property managers to overwhelming demand.
The successful funding round – achieved within 90 days – has prompted discussions for a second series to raise an additional $2.4 million to support the company’s expansion into the USA later this year.
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.
“It seems the property management sector understands its liability exposure more than we initially thought it would,” said Andrew. “The demand to be in our initial product release has been unbelievable.”
The initial product is a smart IoT smoke alarm that is continuously monitored and 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, eliminating the need for costly and time-consuming annual physical inspections. The technology is the result of two years of research and development and is fully compliant with all Australian standards.
Over the next six months, Sensor Global plans to introduce a suite of IoT devices, including smart water leak detection sensors, carbon monoxide alarms, and optional water shut-off valves. These solutions aim to quickly identify and resolve water leaks, potentially saving landlords from insurance claims and minimizing inconvenience for tenants and property managers.
With a focus on saving lives, Sensor Global addresses the alarming statistics revealing that 56%* of fire-related deaths in Australia occur in homes without functioning smoke alarms. By leveraging IoT and smart sensor technology, the company aims to enhance safety, asset protection and convenience for homeowners, investors, and property managers.
The managing partner of REACH Australia, Peter Schravemade, said Sensor Global had been a standout in its 2023 Australian cohort of investment companies.
“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,” Peter 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. We believe in their tech and are proud to have put our support behind them.”