Sauder BCom graduate Janice Cheam is making homes smarter and more sustainable – and now she’s ready to make a bigger impact as she’s landed $1.5 million in financing for her startup, Neurio, reports Techvibes.
Her start-up was developed in Sauder’s New Venture Design class alongside engineering students. The business equips home breaker panels with cloud monitoring devices that analyze energy use and help residents keep their hydro bills under control.
Now, over nine years since their start, Cheam and her team have raised $1.5 million in their most recent round of financing, led by BDC Venture Capital. They plan to use the money to invest in product development and employees.
Neurio has been challenged by slow adoption: The cost of installation is high and it’s a complex technology to use. But long-term forecasts are showing promise and that’s been attracting investors.
“The smart home market is predicted to double in size to $71 billion by 2018 as new technologies promise to improve security, convenience and energy efficiency for everyday consumers and businesses,” said Cheam, CEO of Neurio.
BDC cited the market being “poised for massive growth” as a core reason for their investment.
Cheam is featured in Sauder’s interactive documentary, The Spirit of Discovery, that tells the story of how Sauder and its community are changing the world of business.