Washington, D.C.-based energy data analytics and management startup Aquicore has closed a $5 million Series A funding round led by the District-based Kiddar Capital.
"I'm really happy Kiddar led the round," Aquicore CEO Logan Soya (pictured at top) told DC Inno in an interview. We met them when they were new in town through [tech incubator] 1776. They're real estate experts so there's a lot of strategic value that comes with the investment."
"Aquicore presented at our first meeting as a limited partner in 1776's seed fund," Cheryl Foil, principal of technology and venture investments for Kiddar, told DC Inno in an interview. "As soon as the meeting ended I met with Logan to follow up. I'm very much hoping we'll get to lead their Series B [funding] round too.
The money, which DC Inno first spotted in an SEC form for the first $2.3 million, will go to helping scale Aquicore's presence in buildings after scoring some recent huge contracts with Angus Construction and Lincoln Property. Kiddar was joined in the funding by Silicon Valley-based Navitas Capital and previous investors including 1776, which chose Aquicore as one of the first investments for its $12.5 million seed fund in 2015.
"It's a nice blend of D.C.-based capital as well as Silicon Valley capital," Soya said. "Kiddar's been very genuine in support, it's not just cash, they're helping us get a foot in the door [with potential clients] all over."
"A huge part of our value proposition is our extensive network," Foil said. "Real estate is different beast from other industries, it's hard to navigate from outside. "
The cash will be handy as Aquicore, already in more than 500 buildings, is looking to be in more than 100 new ones this by the end of the year. New staff and new clients will all be possible with a deeper cash reserve. But, it's worth noting that Aquicore's tech is a long term win. Once it is installed in new buildings, it will be all but certain to stay there, Foil said.
"Building owners are reluctant to change," Foil said. "If you take the land, you hold the land."
