Today's News |
SHM Controls Raises Over $800,000 in 2nd Investment Round to Further Smart Heat System Control Installs
Tuesday, October 31, 2017
Vancouver, BC, October 31, 2017--(T-Net)--Vancouver-based smart heating system controls developer SHM Controls Inc. (SHM) announced today that it has oversubscribed its second investment round of $800,000.
Derived from B.C. based Rhiza Capital and WUTIF Capital as well as Keiretsu Capital and select angel investors, including members of the Alliance of Angels and the Keiretsu Forum, the funds will drive over 100 new SHM smart heating system control installations throughout metropolitan Vancouver.
"With 6,000 buildings and a backlog of demand this is an immediately addressable market," said SHM co-founder and CEO Oded Malky.
An initial 2016 pilot of 20 installations in multi-family residential buildings around Greater Vancouver demonstrated average annual natural gas savings of 30 percent, reinforcing over five (5) years of data collection and analysis from test installations.
Building managers and technicians received timely operational insights, remote access control and automated alerts in the event of an emergency.
Malky describes similar systems as generally unaffordable for all but the largest buildings. "By comparison, the remaining 80 percent, the small and medium size buildings, can pay for our system out of their savings," he said.
Once Vancouver area installation targets are satisfied SHM intends to pursue the estimated $17B multi-family residential market that encompasses both Canada and the United States.
"That's the low-hanging fruit," Malky said. "Ultimately, with a compelling value proposition and a great deal of supportive data, we'll expand to include office buildings, schools and hospitals with other commercial and industrial buildings to follow."
For more information please contact:
Sean Melrose, VP Finance
SHM Controls Inc.
604-483-5544
sean@shmcontrols.com
www.shmcontrols.com