Ottawa, Date, 2018: Relogix, a Kanata based Internet of Things (IoT) technology company whose product helps large organizations make more efficient use of their real estate has closed a $1.4 M round of seed funding.
The seed funding will be used to ramp up growth of the six year old company and immediately begin hiring additional software engineers to capitalize on market demand and explosive growth. Relogix closed an earlier round of $1.4M in 2016.
Mistral Venture Partners of Ottawa, a venture capital firm that specializes in investing in early stage technology companies, led the funding round for Relogix.
Code Cubitt, Managing Director of Mistral Venture Partners, commented on Relogix’s funding. “We are very focussed on early stage companies with well defined products targeted toward enterprise markets with proven customer traction. The incredibly positive feedback we received from their customers convinced us that Relogix has elegantly solved a large problem for the enterprise. We’re excited to partner with the Relogix team and look forward to helping them grow.”
Relogix CEO Andrew Millar said the funding would be used in part to expand the engineering and customer service teams; to further develop the company’s IoT sensors and software and to meet the needs of a rapidly expanding customer base .
“Our technology helps organizations with very large real estate portfolios make more efficient and effective use of their space. Our sensors collect data from numerous locations and our analytics provide critical data that would otherwise be unavailable”, Millar said. Relogix sensors collect, for example, data on use of meeting rooms, flex space and closed offices.
The IoT refers to the “Internet of Things”; like sensors, embedded into various objects, which collect and transmit data over the Internet. The data is then analyzed to improve business operations. Gartner has predicted that by the year 2020, there will be 20 billion devices connected to the Internet.