Condoit Releases New Version and Raises Seed Round to Fuel Growth in the Electrical Industry
Birmingham-based electrical industry software company raises venture capital to grow the team and meet booming customer demand for digital electrical solutions
BIRMINGHAM, AL., March 28, 2023 – Condoit®, a modern platform for electrical design, analysis, and collaboration, today announced the raising of its series seed funding round. The fully subscribed round raised new capital to fuel the company’s next phase of growth.
The round was led by C2 Ventures, a Greenwich, Connecticut-based venture capital firm specializing in “Dirty, Dull, and Dangerous Vertical Markets”. The lead investment team was joined by Atlanta-based Overline, Birmingham-based Alabama Futures Fund, Alabama Power, Techstars, and several angel investors. Funds will be primarily allocated across product development, sales, marketing, and customer success to accelerate market penetration and expand deployments within existing accounts.
“Condoit is developing software to rapidly accelerate and standardize processes in the electrical industry. The platform will be a critical tool for the industry to tackle the wave of electrification we’re going to see over the next decade and into the future,” said Chris Cunningham, Founder & Managing Partner at C2 Ventures. “We are excited to partner with an innovative team helping to drive the industry forward.”
According to Josh Bone, the Executive Director at ELECTRI International, “Condoit is a game changer. By utilizing their technology, electrical contractors are able to simplify complex tasks involved in calculating a facility’s electrical system capacity. The latest announcement from the White House has the country’s energy efficiency programs and EV charging infrastructure primed for exponential growth and our ability to quickly understand electrical service constraints helps contractors make go/no go decisions when it comes to installation.”
Condoit has developed a mobile-first application that specifically helps electrical contractors collect information about existing infrastructure at a site, design new infrastructure, and collaborate with industry peers such as engineers and electrical equipment distributors all in real time.
“The last 12 months have been a roller coaster, but in the summer of 2022 we found a lot of traction and interest in the EV charger and solar installation industries exploding all over the country,” said Ian Hoppe, Founder and CEO of Condoit. “Condoit is laser-focused on addressing the challenges electricians will face when moving from manual to digital processes, whether that is reducing the time it takes to complete day-to-day work, managing supply chain issues, or collaborating with subcontractors, manufacturers, and facility owners to support all of the upcoming infrastructure changes. With this new funding secured, we are hiring a team to continue building out the product and providing education on the benefits of mobile and web applications to support the electrical industry.”
About Condoit
The Condoit platform digitizes and unites electrical construction and engineering mechanisms with standardized and validated site audits, on-the-fly design scenarios, in-app engineering calculations, and the complete automation of electrical plan assembly. What normally takes weeks and months to accomplish, Condoit can do in a matter of hours. Used by electrical contractors, solar and EVC installers, and electrical engineering firms all over the United States, Condoit is poised to revolutionize the electrical construction industry. For more information visit the Condoit website or contact the team at info@condoit.io.
About ELECTRI International
ELECTRI International – The Foundation for Electrical Construction was established in 1989 by the National Electrical Contractors Association (NECA), the voice of the $160 billion electrical construction industry responsible for lighting, power, communication and low-voltage, energy efficient and sustainable systems in buildings and communities across the United States. ELECTRI International works to help electrical contractors meet today’s demands and tomorrow’s challenges by funding, conducting, coordinating and transforming research results into meaningful, useful educational and consulting programs and practical publications.
PR Contact Information:
Mandi Coker
VP, Marketing
mandi@condoit.io
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