Alert Labs Inc., a Kitchener, Ontario based provider of affordable IoT monitoring solutions for residential and commercial property owners, has raised undisclosed amount led by Intact Ventures, the strategic venture arm of Intact Financial Corporation, with participation of BDC Capital, Garage Capital, Hedgewood Inc., and several angel and private investors.
New funds will be used to accelerate marketing activities and scale business operations.
Alert Labs’ simple-to-deploy sensors can be placed on water meters, sump pumps, near toilets and other appliances to detect water leaks, floods, power issues, abnormal temperatures, and other events. Customers receive real-time alerts and insightful data analytics via SMS, email, and the Alert Labs app.
Alert Labs’ sensors are cellular-connected with a built-in battery backup, which means they don’t rely on WiFi and will continue to operate during an ice storm or power outage.
“This represents Intact Ventures’ first investment in Canada. It’s exciting to support a company like Alert Labs that is developing technology that will help protect homeowners and mitigate risk,” said Karim Hirji, Senior Vice President, Intact Ventures. “We appreciate the importance of providing homeowners and businesses with innovative solutions that are easy to use, cost effective and reliable. The value of this type of technology will continue to grow as we adapt to climate change.”
“It is inspiring to have Canada’s leading insurance company believe in our vision and goals, and we’re grateful for the financial support of our investors. This will ultimately enable us to share our products with more customers,” added George Tsintzouras, CEO of Alert Labs. “We’ve designed our sensors with our customer’s experience as the top priority. Our sensors are as easy to install as a watch or a Fitbit – everyone can do it with no tools or professional installers.”
Alert Labs was co-founded in 2015 by Tsintzouras, Kevin Wright, VP of Engineering, and Ruth Casselman, VP of Operations.
Alert Labs was $100,000 winner at Communitech’s Rev Demo day in November 2016.
photo credit: Alert Labs
Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.
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