Australian CleanTech angel investors join UK and US investors in 18-months old IoT start-up’s first investment round.
Symbiot optimise the energy consumption of residential properties. The company started with vacation rentals, creating hardware and software to automate remote control of energy consuming devices by integrating booking calendars like Airbnb. Symbiot have since discovered that many additional applications in the broader energy market. Their solutions can automatically respond to Demand Response events, creating value for households as well as energy retailers. Symbiot have also built advanced, energy efficient HVAC control systems for the high-end residential sector, which can be controlled via Alexa and Google Home.
EnergyLab’s angel investor group was excited about Symbiot’s proposition presented at EnergyLab’s pitch night in July. Six angels have joined the investment syndicate to help the start-up scale up by October.
“In addition to the investment, working with EnergyLab’s angels has already opened up access to their professional network and their industry knowledge will be pivotal to the growth of our company” says Kyle Bolto, CEO and Founder of Symbiot.
EnergyLab is Australia’s leading energy start-up accelerator with co-working space and acceleration programs available in Melbourne, Sydney, Brisbane and Canberra.
“We created EnergyLab’s angel group because we saw the benefit for both the start-ups and the angels. Over the last 1.5 years, we have created a portfolio of over 30 CleanTech start-ups, a great pool for our investors. And the start-ups are also excited that they may have the chance to pitch to our investors when they are ready” says Piers Grove, Managing Director at EnergyLab.
EnergyLab’s angel group looks for startups that have an environmental benefit and the ability to scale rapidly. The group is particularly interested in startups that are post-revenue or have proven their product or service in a trial and are looking to raise $50k-$500k. The group, which is only three months old, already has 50 angel investor members.
The next EnergyLab pitch night bringing start-ups and angels together takes place in early November 2018. Angel investors who want to join EnergyLab’s angel group can apply via www.energylab.org.au/investors