Land Energy — the energy and mobility tech startup in Cleveland — will be the only Ohio company to compete in the prestigious SXSW Pitch contest on Sunday.
Part of the annual South By Southwest (SXSW) interactive technologies conference in Austin, Texas, the pitch contest has become one of the most important showcases of interactive innovation and technology since its start in 2009.
Scott Colosimo, co-founder and CEO of Land Energy, said during an interview that his company's finalist status in the smart cities, transportation and sustainability category of the pitch contest was "surprising but well-received."
Land Energy designs swappable batteries and the software that drives them. The startup, located in Cleveland's Gordon Square neighborhood, also designs products that use its batteries, starting with the District, an e-bike that can be used as a bike, moped or motorcycle, depending on the ride mode selected.
The District won a Best in Show award from GearJunkie at this year's Consumer Electronics Show.
Because Land Energy's batteries can be used to power other products, such as recreational vehicles, the company also is on the frontier of creating a digital grid — an interconnected system that routes power like a computer network routes data.
The company recently released its new app, which enables District owners to connect to their bikes remotely via their Apple devices, the company said in a statement. The app enables users to have more control and visibility of their District’s specifications, modes and anti-theft features.
Colosimo and Evan Painter, Land Energy's brand director, are scheduled to pitch their company to industry experts, venture capitalists, high-profile media and creatives from around the globe on Sunday, March 12.
Since the event's founding, 82% of its pitchers — the likes of Klout, Icon, Hipmunk, Wildfire, Tubemogul, Siri, Foodspotting and Tango — have received funding of $14.5 billion, according to the SXSW website.
And of the 572 companies that have pitched during the contest, 17% have been acquired by companies such as Google, British Telecom, Huffington Post, Apple, Live Nation, OpenTable, Constant Contact and Harmon, SXSW says.
The timing of the pitch contest is right for Land Energy, which is in the beginning stages of raising $30 million — the startup's largest fundraise yet — to scale its Cleveland manufacturing efforts, Colosimo said.
Land Energy is nearing the end of a project to renovate its 14,000-square-foot manufacturing space and headquarters, the company said. This will enable it to produce up to 5,000 bikes per year and add staff to support production and R&D.
Landing its first institutional investor to "join us on on our scale" would be the most desired outcome of Land Energy's pitch at SXSW, Colosimo said.
"This is a massive, absolutely massive opportunity for us," he said.
