The global smart home market is expected to reach over $100 billion this year. Tech powerhouses like Amazon.com, Inc. effectively allow anyone to convert to a smart home with their Alexa and Ring product lines. The simple and cheap technology allows anyone to control their home using their voice, apps on their home and other simple controls.
Don't Miss: Thanks to changes in federal law, anyone can invest in EV startups
One startup, the innovative tech company, RYSE, is looking to add to a suite of potential cost-effective products with their smart-shade technology. Bill Gates spent over $60 million fitting his famous mansion with the latest technology in the 1990s. Now many can retrofit their house with many of the same features for a fraction of the cost.
RYSE builds a simple and effective retrofit that allows anyone to have smart shades. The device can integrate to most existing shades, then controlled through an app on your phone to allow programming and sunlight through various points throughout the day.
RYSE is capturing the attention of investors, having raised over $1 million in capital, backed by venture capital firms including Elemental VC and Cogito Capital. RYSE is revolutionizing the home automation industry with its unique, affordable smart shade automation that focuses on retrofitting existing window shades. Including landing a deal on the Canadian version of "Shark Tank," the company is currently raising from retail investors.
With its innovative product, RYSE seeks to address a major energy inefficiency problem in the US, where buildings account for 40% of all energy consumption, primarily through lighting, heating, and cooling. An estimated 33% of this energy is wasted or leaked, and 50% is lost through windows — a costly issue worth $35 billion.
Traditional smart shades have been expensive and not very user-friendly, requiring professional installation and often excluding the option to retrofit existing window shades. This has rendered them inaccessible to the mass market, where motorized shades can cost up to an additional $500+ per shade.
To stay updated with top startup news and investments, sign up for Benzinga's Startup Investing & Equity Crowdfunding Newsletter
RYSE offers a solution to these problems by creating IoT smart devices that enable users to motorize and automate their window shades. These devices can be simply installed within minutes, and are designed to retrofit your existing shades, making them smart and automated.
Backed by an impressive $4M CAD cleantech government grant funding, RYSE’s software uses AI, sensors, and weather data to intelligently control your shades. This innovative approach optimizes for energy savings and occupant comfort, potentially saving up to 20% of cooling energy by managing solar heat gain and up to 74% of lighting energy through daylight harvesting.
As of 2022, RYSE has seen promising growth, boasting $7M revenue with 35K units sold. The company has also established strong relationships with giants such as Amazon and Bed Bath Beyond, as well as IoT as a Service (IOTaS).
The company is expanding its reach in the market, focusing on selling in households with an emphasis on growth in residential smart homes and sustainable buildings. According to Infiniti Research, online sales represent only 7% of industry revenues for Smart Shades, but RYSE has already generated over $5 million selling through this channel. By 2023, the company plans to scale into B2B and wholesale channels, targeting multi-family real estate developers and landlords, and telecom partners that sell and manage smart home and security services for households. By 2024, RYSE aims to have scaled into physical retail, which accounts for 33% of industry revenues.
RYSE is not just offering a solution for energy saving; it’s also enhancing comfort and convenience, particularly for the aging population, seniors, and the disabled. With the number of adults aged 85+, who need help with basic personal care, expected to nearly quadruple between 2000 and 2040, smart home products such as Smart Shades by RYSE will play a key role in providing independence to this growing market segment.
RYSE’s unique approach to motorization, affordability, and ease of installation make it an exciting prospect in the smart home industry.
See more on startup investing from Benzinga.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
