Sensor Global raises $2.65 million for residential IoT solutions including a smart smoke alarm

Proptech startup Sensor Global has successfully closed its seed funding round and raised $2.65 million from well-known property investors to deliver “internet of things” (IoT) solutions to residential property, with the first being a smart smoke alarm that will launch later this month.

The startup, which specialises in residential IoT technology and is headed by veteran proptech innovator Andrew Cox, is set to launch its first IoT sensor in Australia in late July and the company has already pre-sold its patented devices to community housing and selected property managers.

Sensor Global’s smart IoT smoke alarm alerts users in case of tampering, power loss, or cleaning requirements and is continuously monitored. A result of two years of research and development, the technology is fully compliant with all Australian standards.

The software integrates with most property managers’ CRM and trust management systems, enabling remote testing and 24/7 compliance audits, eliminating the need for costly and time-consuming annual physical inspections. 

Sensor Global CEO Andrew Cox said the property management sector understands its liability exposure more than the company initially thought it would, and the demand to be in its initial product release has been unbelievable.

“Funding is being used for further IoT product development, additional software integrations and expanding our support and sales team, operations and stock purchase,” he said.

“We are very pleased with the response. It is a tough capital market however the investors have no doubt understood the capacity of the business to scale into both the Australian and US markets.”

Sensor Global plans to introduce a suite of IoT devices over the next six months, including smart water leak detection sensors, carbon monoxide alarms, and optional water shut-off valves. These solutions aim to quickly identify and resolve water leaks, potentially saving landlords from insurance claims and minimising inconvenience for tenants and property managers.

The startup’s cloud-connected smart residential devices reduce risk, provide significant safety improvements, time and cost savings, and easier maintenance over traditional alarms and detectors.

CEO Andrew Cox said the Sensor would provide property managers with a new level of compliance. 

“Sensor is a game changer for the Australian property management sector, as legislated smoke alarm testing can be undertaken remotely, and more frequently with no requirement to visit the property and disrupt the tenant,” he said.

“With 56% of fire fatalities currently occurring in homes without operational smoke alarms, Sensor will provide the property managers a new level of compliance and ensure tenants are better protected with connected and monitored smoke alarms.

“Further plans for 2023 and in development now include the expansion of the Sensor ecosystem to include connected water leak detectors, water shut-off valves, gas and carbon monoxide alarms and gas shutoff valves. The Patent Pending Sensor ecosystem is a world-first Australian invention and is designed for better protecting lives and property and digitising the currently manual and costly residential compliance sector.”

The successful funding round, which was achieved within 90 days, has prompted discussions for a second series to raise an additional $2.4 million to support the company’s expansion into the US later this year.

Property business investors including Shane Oswin, David Lynas and David Welsh supported the seed round together with Causeway Equities LLC and Second Century Ventures, the VC arm of the National Association of Realtors in the USA, through its REACH Australia accelerator.