Condoit Secures $4.25M to Build Better Software for Electricians

BIRMINGHAM, Ala., April 17, 2024 (Newswire.com) - Condoit, the leading platform for digitizing the electrical industry, announced today it has closed a $4.25M seed round. The funds will be used to accelerate product development, expand its national sales team, enhance customer support and success, and meet growing demand in the market. 

With Condoit, electrical firms and their network of property owners, facility managers and subcontractor companies can share valuable data and collaborate on projects in real-time with their "SaaS for electricians" solution. 

The company closed an oversubscribed round at $4.25M led by The Westly Group (Tesla, Procore) with participation from Fontinalis Partners (Lyft, Postmates), Navitas Capital (PlanGrid, Matterport), C2 Ventures, Studio Management, and Overline with a strategic investment by leading global wire and cable manufacturer, Southwire. 

About Condoit

Condoit is an "electrician-first" platform that enables electrical firms of any size the ability to conduct electrical infrastructure assessments, design, and analysis remotely and collaboratively during the bid or project stages.

The Condoit platform aims to streamline processes for the electrical contractor in the field, saving time and reducing labor costs. Electricians are able to use Condoit's mobile app in the field on an iOS or Android device to capture photos, conduct site walks and remotely log data. 

It creates standardization for data collection across contractor and subcontractor networks and modernizes site feasibility assessments along with accessibility in drawings, inspections, reporting, and analysis of commercial electrical systems—replacing antiquated software and manual processes still relegated to pen and paper despite the surge of cloud-based solutions for the construction and trade industries. 

Condoit, launched out of the TechStars Alabama EnergyTech Accelerator in 2020, is founded by former commercial electrician Ian Hoppe, with the goal of digitally transforming the paper-based processes that plague the electrical industry and revolutionizing the way today’s electricians work.

Based out of Birmingham, Alabama, Hoppe has experience in all aspects of the electrical industry–from the oil fields in the Gulf of Mexico to hospital systems to sprawling data centers. He spent years on the frontlines conducting data collection and analysis of large and complex electrical systems by hand and with antiquated tools and software.

“I spent years in the field bending pipe and pulling wire. I was raised by an electrical power systems design engineer. I’ve known this industry my whole life and love it with all of my heart. I think it’s time someone built modern technology for this essential sector,” Hoppe said.

“The electrical industry we’re working on here at Condoit is one that empowers the folks in the field to do their very best work, with all the information they need literally at the tips of their fingers." 

Early Stage Demand

Since its launch, Condoit has seen an incredible response from the market. In 2023, they signed on one of the largest national commercial electric firms, Miller Electric. Miller Electric’s specialty electric vehicle division, Miller EV Solutions, won several contracts with clients across the United States for commercial electric vehicle charger installs last year. 

Condoit worked with Miller Electric to standardize data collection and streamline the process by using cloud-connected solutions in the field, resulting in a completely mobilized workforce and rapid scale of the Miller EV Solutions division.

“In collaboration with the Condoit team, Miller Electric is poised to dramatically scale our EV Solutions team installations across North America,” said Kerri Stewart, Chief Strategy Officer of Miller Electric.  

“Very few software companies can really understand the electrical industry and our specific needs. We’re excited to be early partners with such a fantastic product and team. I can’t wait to see what we’ll accomplish this year and in the years to come.”

In January 2024, the Joint Office of Energy and Transportation announced $46.5 million dedicated to EV charging infrastructure enhancements and reducing the country's carbon emissions footprint.

Charging port accessibility is a key driver in clean energy adoption. According to a study conducted by McKinsey & Company, “... about 2.6 million ports were available in 2022; but with the number of EVs increasing every year, the country will need approximately 9.5 million ports by 2025 and 28.0 million by 2030.”

Demand for electricians will grow by 6% through 2032, faster than the average of all occupations; between demand and retirements, there will be about 73,500 job openings in the field every year, according to the U.S. Bureau of Labor Statistics.

Condoit Investors

Leading Condoit’s latest round is The Westly Group, whose portfolio includes some of the biggest names in the mobility and "built" industries. The Westly Group was an early investor in Tesla, Procore, Sentinel One, and Luminar–all who went on to IPO.

"The widespread electrification of transportation, manufacturing, and the built environment is a requirement for the sake of our climate and global economy," said Jason Kalira, Partner at The Westly Group.

"Condoit and Ian understand that progress starts on the frontlines in the hands of the electricians who do the hard work every day. We're excited to lead Condoit's seed round and support them on their journey to empower this community and transform the commercial electrical market."

Fontinalis Partners, whose portfolio includes Lyft, also took part in the round. Gabe Cunningham, partner at the firm commented on their recent investment.

"In order to 'electrify everything,' electricians will be the ones to bring it to fruition. We are excited that Condoit is providing cutting-edge software solutions to electricians during this crucial time," said Cunningham."

Other investors include Overline, Studio Management and Navitas Capital, which are no strangers to the industry as an early stage backer of construction tech cloud solutions, including Matterport (IPO exit, 2021) and PlanGrid (acquired by Autodesk last year). 

Global wire and cable manufacturer Southwire also joined in as a strategic investor in line with its expansion in the electric vehicle industry.

“Southwire is committed to being a leader in jobsite efficiency and safety, and we are excited to support Condoit in their efforts to simplify and automate routine jobsite tasks,” said Norman Adkins, Southwire's Chief Operating Officer.

Key Executive Team Hires

At the time of this announcement, Condoit is also pleased to add two key hires to its leadership team with decades of experience in early-stage Product and Growth for B2B SaaS companies.

Joining as Chief Technology Officer (CTO) is Peyton Sherwood. Sherwood was the Director of Engineering at Venmo (acquired by Braintree in 2012) and Chief Product Officer and Chief Strategy Officer for BlueNote by Tulco (acquired by Acrisure in 2020), as well as co-founder and CTO of Bond Street.

Also joining as Head of Marketing is Amber Fehrenbacher, founding marketer for construction tech unicorn EquipmentShare, who has spent the last three years in SMB fintech at Tillful by Flowcast (acquired in 2023) and former Chief Marketing Officer for a Tokio Marine-owned insurtech.

Hoppe sees a huge opportunity to apply what fintech did for traditional banking and finance to the electrification of the future.

“In a lot of ways, we don’t have to reinvent the wheel. I’ve got electrical engineers and electricians on staff to drive sector-specific innovation, but other industries have had major success in the digital transition. I’m bringing the hammer of progress from fintech to bear in construction tech, so we can really accelerate this transformation and see around some of the corners that I know are coming,” said Hoppe.

Source: Condoit