Condoit, a leading platform for digitizing the electrical industry, announced it had closed a $4.25 million seed 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 manufacturer, Southwire.
This funding round will accelerate product development, expand its national sales team, enhance customer support and success, and meet growing market demand. With Condoit, electrical firms and their network of property owners, facility managers, and subcontractor companies can share valuable data and collaborate on real-time projects with their SaaS for electricians solution.
Condoit’s platform aims to streamline processes for the electrical contractor in the field, saving time and reducing labor costs. Electricians can use Condoit’s mobile app in the field on an iOS or Android device to capture photos, conduct site walks, and remotely log data. Plus, it creates standardization for 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 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 a few years ago and was founded by former commercial electrician Ian Hoppe. The company’s goal is to transform the paper-based processes plaguing the electrical industry and how today’s electricians work.
Based out of Birmingham, Alabama, Hoppe has expertise 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.
Since launching, Condoit has seen many positive responses from the market. Last year, they signed on with 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 US for commercial electric vehicle charger installs last year.
Condoit partnered with Miller Electric to standardize data collection and streamline the process by using cloud-connected solutions in the field, leading to a wholly mobilized workforce and rapid scale of the Miller EV Solutions division.
Condoit also announced two key hires to its leadership team, with decades of experience in early-stage product and growth for B2B SaaS companies. Peyton Sherwood is joining as Chief Technology Officer (CTO). 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), and co-founder and CTO of Bond Street. Also joining as Head of Marketing is Amber Fehrenbacher, founding marketer for construction tech unicorn EquipmentShare – who 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.
KEY QUOTES:
“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.”
“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.”
“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.”
“In collaboration with the Condoit team, Miller Electric is poised to dramatically scale our EV Solutions team installations across North America.”
“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.”
- Kerri Stewart, Chief Strategy Officer of Miller Electric
“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.””The widespread electrification of transportation, manufacturing, and the built environment is a requirement for the sake of our climate and global economy.”
- Jason Kalira, Partner at The Westly Group
“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.”
- Gabe Cunningham, partner at Fontinalis Partners
“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.”
- Norman Adkins, Southwire’s Chief Operating Officer
