Condoit, a leading platform for digitizing the electrical industry, announced that it has closed a $4.25 million seed funding round led by The Westly Group with participation from Fontinalis Partners, Navitas Capital, C2 Ventures, Studio Management, and a strategic investment by leading global wire and cable leaders. Manufacturer, Southwire.
This funding round will accelerate product development, expand the national sales team, enhance customer support and success, and meet growing market demand. With Condoit, electric companies and their network of property owners, facility managers, and subcontracting companies can share valuable data and collaborate on projects in real-time using a SaaS solution for electricians.
The Condoit platform aims to simplify processes for the electrical contractor in the field, saving time and reducing labor costs. Electricians can use the Condoit mobile app in the field on an iOS or Android device to take photos, conduct site tours, and record data remotely. Additionally, it creates standardization of data collection across contractor and subcontractor networks. It modernizes site feasibility assessments and accessibility in drawings, inspections, reporting and analysis of commercial electrical systems – replacing legacy software and manual processes that are still limited to pen and paper despite the emergence of cloud-based solutions for the construction and commercial industries.
Condoit was launched from TechStars Alabama EnergyTech Accelerator a few years ago and was founded by former commercial electrician Ian Hope. The company’s goal is to transform the paper-based processes that plague the electrical industry and how electricians work today.
Headquartered in Birmingham, Alabama, Hope has experience in all aspects of the electrical industry – from oil fields in the Gulf of Mexico to hospital systems to sprawling data centers. He has spent years on the front lines collecting data and analyzing large, complex electrical systems by hand and using legacy tools and software.
Since its launch, Condoit has seen many positive reactions from the market. Last year, they signed a contract with one of the largest national commercial electric companies, Miller Electric. Miller Electric’s specialty electric vehicle division, Miller EV Solutions, won several contracts with customers across the United States to install commercial electric vehicle chargers last year.
Condoit partnered with Miller Electric to standardize data collection and streamline the process with cloud-connected solutions in the field, mobilizing the entire workforce and rapidly scaling the Miller EV Solutions division.
Condoit also announced two key appointments to its leadership team, who bring decades of experience in early-stage and growth products for B2B SaaS companies. Peyton Sherwood joins as Chief Technology Officer (CTO). Sherwood was director of engineering at Venmo (acquired by Braintree in 2012), chief product officer and chief strategy officer at BlueNote by Tulco (acquired by Acrisure in 2020), and co-founder and CTO at Bond Street. Also joining as CMO is Amber Fernbacher, founding marketer of construction technology unicorn EquipmentShare – who spent the past three years in SMB fintech at Tillful by Flowcast (acquired in 2023) and former CMO at the insurance company Owned by Tokio Marine.
Key quotes:
“I have spent years in this field bending pipes and pulling wires. I was raised by an electrical power system design engineer. I have known this industry my whole life and love it with all my heart. I believe it is time to build modern technology for this essential sector.
“The electrical industry we operate here at Condoit is one that empowers people in the field to do their best work, with all the information they need literally at their fingertips.”
“In many ways, we don’t have to reinvent the wheel. I have electrical and electrical engineers on staff to drive sector-specific innovation, but other industries have had great success with digital transformation. I’m bringing the hammer of progress from fintech to building tech, so we can really From accelerating this transformation and seeing some angles that I know are coming.
“Together with the Condoit team, Miller Electric is poised to significantly expand our EV Solutions team’s installations across North America.”
“Very few software companies can truly understand the electrical industry and our specific needs. We are thrilled to be an early partner with such a great product and team. I can’t wait to see what we achieve this year and in the years to come.”
Kerry Stewart, Chief Strategy Officer, Miller Electric
“Condoit and Ian recognize that progress starts on the front lines in the hands of electricians doing the hard work every day. We are excited to lead Condoit’s seed round and support them on their journey to empower this community and transform the commercial electricity market.” “Electrifying transportation, manufacturing, and the built environment at scale is “A demand for our climate and the global economy.”
Jason Calera, Partner at The Westly Group
“For ‘Electrification of Everything’, it will be electricians who will pay dividends. We are pleased that Condoit is providing cutting-edge software solutions for electricians during this crucial time.”
Gabe Cunningham, Partner at Fontinalis Partners
“Southwire is committed to being an industry leader in job site efficiency and safety, and we are excited to support Condoit in its efforts to simplify and automate routine jobsite tasks.”
Norman Adkins, Chief Operating Officer, Southwire
