Local startup Condoit has raised its series seed funding round.
The fully subscribed round will fuel the company’s next phase of growth. Condoit is a platform for electrical design, analysis and collaboration. It also recently relocated to Innovation Depot.
The round was led by C2 Ventures, a Greenwich, Connecticut-based venture capital firm specializing in “dirty, dull and dangerous vertical markets." The lead investment team was joined by Atlanta-based Overline, Birmingham-based Alabama Futures Fund, Alabama Power, Techstars and several angel investors. Funds will be primarily allocated across product development, sales, marketing and customer success to accelerate market penetration and expand deployments within existing accounts.
The funding amount was not disclosed.
Chris Cunningham, founder and managing partner at C2 Ventures, called Condoit's platform "a critical tool for the industry to tackle the wave of electrification we’re going to see over the next decade and into the future."
According to Josh Bone, executive director at ELECTRI International, “Condoit is a game changer." Bone said by using the company's technology, electrical contractors are able to simplify complex tasks involved in calculating a facility’s electrical system capacity.
"The latest announcement from the White House has the country’s energy efficiency programs and EV charging infrastructure primed for exponential growth and our ability to quickly understand electrical service constraints helps contractors make go (or) no-go decisions when it comes to installation," Bone said.
Ian Hoppe, founder and CEO of Condoit, called the past year a roller coaster.
“But in the summer of 2022 we found a lot of traction and interest in the EV charger and solar installation industries exploding all over the country,” Hoppe said. “Condoit is laser-focused on addressing the challenges electricians will face when moving from manual to digital processes, whether that is reducing the time it takes to complete day-to-day work, managing supply chain issues or collaborating with subcontractors, manufacturers and facility owners to support all of the upcoming infrastructure changes.
"With this new funding secured, we are hiring a team to continue building out the product and providing education on the benefits of mobile and web applications to support the electrical industry.”
