Condoit Company Profile

Background

Condoit, established in June 2020 by Ian Hoppe and Jim Crapia, is a Birmingham, Alabama-based software developer specializing in digitizing the electrical industry. The company's mission is to accelerate the electrical industry's digital transition by making change easy, data accessible, and analysis instant. Its vision is to provide clients with tools that illustrate how their electrical systems impact their organization, compliance, and risk profile.

Key Strategic Focus

Condoit focuses on providing an "electrician-first" platform that enables electrical firms to conduct infrastructure assessments, design, and analysis remotely and collaboratively during bid or project stages. The platform streamlines field processes, saving time and reducing labor costs, and is accessible via mobile apps on iOS and Android devices. It standardizes data collection across contractor and subcontractor networks, modernizing site feasibility assessments and enhancing accessibility to drawings, inspections, reporting, and analysis of commercial electrical systems.

Financials and Funding

Since its inception, Condoit has secured a total of $6.57 million in funding:

Pre-Seed Funding (September 2020): $120,000 from Techstars Alabama Power EnergyTech Accelerator and Techstars.

Pre-Seed Funding (April 2021): $1 million from Overline and Techstars.

Seed Funding (February 2023): $1.2 million from C2 Ventures, Overline, Alabama Futures Fund, Alabama Power, and Techstars.

Seed Funding (April 2024): $4.25 million led by The Westly Group, with participation from Fontinalis Partners, Navitas Capital, C2 Ventures, Studio Management, Overline, and a strategic investment by Southwire.

The funds are allocated to accelerate product development, expand the national sales team, enhance customer support, and meet growing market demand.

Technological Platform and Innovation

Condoit's platform offers several proprietary technologies and methodologies:

Digital Single-Line Diagrams: Simplifies the creation and updating of electrical system diagrams, enhancing efficiency and accuracy.

Bill-of-Materials (BoM): Automates the generation of material lists, reducing manual errors and saving time.

Mobile Data Collection: Enables field technicians to capture photos, conduct site walks, and log data remotely via mobile apps, ensuring real-time data availability.

These tools are designed to improve field efficiency and drive revenue by monetizing existing data.

Leadership Team

Ian Hoppe, Co-Founder and Chief Executive Officer: A former commercial electrician with extensive experience in the electrical industry, including work in the Gulf of Mexico, hospital systems, and data centers. He founded Condoit to address the inefficiencies he encountered in the field.

Peyton Sherwood, Chief Technology Officer: Former Director of Engineering at Venmo and co-founder and CTO of Bond Street. He brings significant experience in early-stage product development and growth for B2B SaaS companies.

Amber Fehrenbacher, Head of Marketing: Founding marketer for construction tech unicorn EquipmentShare, with experience in SMB fintech at Tillful by Flowcast and as former Chief Marketing Officer for a Tokio Marine-owned insurtech.

Leadership Changes

In April 2024, Condoit appointed Peyton Sherwood as Chief Technology Officer and Amber Fehrenbacher as Head of Marketing, strengthening its leadership team with seasoned professionals in technology and marketing.

Competitor Profile

Market Insights and Dynamics

The electrical industry is experiencing a digital transformation, with increasing demand for efficient data collection and analysis tools. The U.S. Bureau of Labor Statistics projects a 6% growth in demand for electricians through 2032, with approximately 73,500 job openings annually.

Competitor Analysis

Condoit's competitors include:

Sensorberg: A Berlin-based company specializing in IoT solutions for building automation.

ThingSpeak: A platform for IoT analytics and visualization, enabling real-time data collection and analysis.

Ayla Networks: Provides a comprehensive IoT platform for device manufacturers, offering cloud connectivity and data analytics.

These companies focus on IoT and building automation, whereas Condoit differentiates itself by offering a specialized platform tailored specifically for electrical contractors and engineers.

Strategic Collaborations and Partnerships

In 2023, Condoit partnered with Miller Electric Company to support its installations of photovoltaics and electric vehicle charging stations. This collaboration standardized data collection and streamlined processes using cloud-connected solutions, resulting in a fully mobilized workforce and rapid scaling of Miller EV Solutions.

Operational Insights

Condoit's strategic focus on digitizing the electrical industry positions it uniquely in the market. Its electrician-first approach, combined with proprietary technologies, offers distinct competitive advantages over general IoT and building automation solutions.

Strategic Opportunities and Future Directions

With the growing emphasis on electrification and the need for efficient electrical system management, Condoit is well-positioned to expand its market presence. The company's focus on product development, strategic partnerships, and enhancing customer support aligns with industry trends and positions it for future growth.