Roost Company Profile

Background

Founded in 2014 and headquartered in Sunnyvale, California, Roost specializes in developing affordable smart home technology aimed at enhancing home safety and security. The company's mission is to disrupt the traditional property insurance model by providing innovative "Property Telematics" solutions that offer peace of mind to property owners and deliver valuable data to insurers.

Key Strategic Focus

Roost focuses on integrating smart home technology with insurance services to mitigate risks and reduce claim losses. Their core objectives include:

Customer Engagement Insurance Solution: Enhancing policyholder interaction through a co-branded mobile app.

Loss Mitigation Insurance Solution: Providing tools to prevent and minimize property damage.

Roost Commercial Property Insurance Solution: Tailored solutions for commercial property insurers.

Smart Sensors: Devices like the Smart 9V Battery, Smart Garage Door Sensor, and Water Leak & Freeze Detector that alert homeowners to potential issues.

Financials and Funding

Roost has secured approximately $16.9 million in funding over several rounds:

Series A: Raised $6.53 million in July 2015.

Series B: Completed in August 2017.

Product Crowdfunding: Conducted in May 2018.

Debt - PPP: Secured in April 2020.

Notable investors include Aviva Ventures, Desjardins Group, and Fosun RZ Capital. The capital has been utilized to develop and expand Roost's product offerings and market reach.

Technological Platform and Innovation

Roost's technological platform is distinguished by its simplicity and affordability, enabling homeowners to upgrade existing devices with smart capabilities. Key innovations include:

Smart 9V Battery: Transforms traditional smoke alarms into smart devices, sending alerts to smartphones.

Smart Garage Door Sensor: Monitors garage door status and notifies users of any changes.

Water Leak & Freeze Detector: Detects water leaks and freezing temperatures to prevent damage.

These devices connect via Wi-Fi or Bluetooth and are managed through a user-friendly mobile application, providing real-time notifications and insights.

Leadership Team

Roel Peeters: Co-Founder & Chief Executive Officer. A serial entrepreneur with over 20 years of experience in enterprise software, consumer electronics, and semiconductors, including roles at Ozmo Devices.

James Blackwell: Co-Founder & Chief Technology Officer. A wireless industry veteran with extensive leadership experience in designing and manufacturing Bluetooth and Wi-Fi systems, previously at CSR and Ozmo Devices.

Donald Sprague: Vice President of Sales. Over 35 years of experience as a senior executive in financial services, risk management, and technology industries, including positions at GoMo Enterprises, Applicint, and ZeBU.

Mickey Nasiri: Vice President of Software. More than 20 years of software development experience, managing large global teams in the wireless and telecom industries, with previous roles at Samsung, CSR, and Ericsson.

Jim Van Patten: Vice President of Operations. Over 30 years of operations and quality experience in manufacturing and financial services, including positions at The Kaizen Institute, Trinity Performance, Digital Equipment, OCZ/Toshiba, and Logitech.

Competitor Profile

Market Insights and Dynamics

The smart home technology market is experiencing significant growth, driven by increasing consumer demand for home automation and security solutions. The integration of smart devices with insurance services presents opportunities for risk mitigation and enhanced customer engagement.

Competitor Analysis

Key competitors in the smart home technology space include:

Current Automations: Provides smart technologies for both commercial and residential customers.

Longcheer Technology: Offers mobile intelligent terminal solutions.

Swann Communications: Specializes in consumer electronics, particularly in home security.

Remote Technologies Incorporated (RTI): Manufactures control systems for smart home applications.

Strategic Collaborations and Partnerships

Roost has established significant partnerships to enhance its market position:

Guidewire’s Insurtech Vanguards Program: Selected in 2021 for its Protection360 commercial offering and residential Security360 solution.

Alfa Insurance: Initiated a pilot program in July 2021 aimed at reducing claims frequency and severity.

Operational Insights

Roost differentiates itself through the affordability and simplicity of its smart home solutions, enabling easy integration with existing devices. This approach appeals to both homeowners seeking cost-effective upgrades and insurers aiming to leverage telematics for risk management.

Strategic Opportunities and Future Directions

Roost is poised to capitalize on the growing smart home market by expanding its product line and forging additional partnerships with insurance providers. By continuing to innovate and integrate advanced technologies, Roost aims to enhance home safety and provide insurers with valuable data to refine their offerings.