Funding enables Whisker Labs to scale and expand the functionality of Ting, a proven solution to helping prevent electrical fires in the home.
Germantown, MD., November 18, 2019 - Whisker Labs announced
today it has secured growth capital led by State Farm Ventures to accelerate
the development and distribution of Whisker Labs' Ting sensing technology.
Ferguson Ventures (the investment arm of Ferguson Enterprises) and existing
Whisker Labs investors also participated in the financing. Bob Marshall,
Whisker Labs' Co-Founder and CEO, states that "This funding lets us
continue our mission of protecting families and homes from electrical fires and
realize our vision for Ting as a "fitness tracker for the home."
At the heart of Whisker Labs' Ting service is a super-smart
DIY sensor that monitors a home's entire electrical network to help prevent
electrical fires, which are often the most devastating fires to impact homes
and families. One Ting plugged into any outlet in the home detects loose
connections, damaged wires, or faulty appliances that are often the root cause
of these horrible fires. Beyond fire safety, Ting provides meaningful
engagement and information to homeowners on conditions and events of high
relevance, such as power outages, weather warnings, and even notifications that
their air conditioning or other essential appliances may be about to fail.
"State Farm's mission is to help our customers manage
the risks of everyday life, and Ting aligns perfectly. Gone are the days of
just reacting to disasters experienced by our customers. We want to be
proactively engaged with our customers and prevent losses from ever
occurring," said Michael Remmes, Vice President of State Farm Ventures.
"We have been working with Whisker Labs for the past three years and have
witnessed first-hand the evolution of Ting. We have been impressed with the
team and product and look forward to continuing our work together."
Aging structures, widespread growth in connected devices,
and access to electricity by 6.2B people have made electrical fire prevention a
rising global concern. While fundamentally different, the closest market analog
to Ting for electrical fire safety applications is the Arc-Fault Circuit
Interrupter (AFCI), incorporated into the U.S. electrical code in 2010. The
global market size for AFCIs is $4B and expected to grow to $5.6B by 2025.
Because Ting 'sees' faults earlier in their formation across the entire home,
it is suitable and cost-effective to install in all homes regardless of age or
size, covering the whole house no matter where it is plugged in.
"Ting provides an incredible business opportunity for
our trade contractor customers and gives them the information they need to
deliver proactive, valuable, and engaging service to homeowners," said
Blake Luse, Director of Ferguson Ventures. "This investment aligns well
with our goal of bringing innovative solutions to our trade contractor
customers to help them run a better business and be well-positioned for the
future. We look forward to continuing our journey with Whisker Labs and helping
them scale using Ferguson's industry-leading position, national footprint, and
deep customer relationships."
Since being introduced in 2017, Ting’s performance has far
exceeded expectations, preventing residential electrical fires without a single
false alarm across thousands of homes. The Ting sensor platform has evolved
well beyond fire prevention, with the potential to detect faults from anything
connected to a home's electrical network. Further, a network of Ting sensors
can monitor the electrical utility grid with unparalleled precision, detecting
faults that sometimes lead to devasting wildfires like those experienced in
California.
"We are thrilled to continue our work with State Farm
and Ferguson to accelerate the adoption of Ting's smart sensing and deep
learning to deliver safety and peace of mind to our customers," said Bob
Marshall, Co-Founder & CEO of Whisker Labs.
ABOUT STATE FARM VENTURES
State Farm Ventures focuses on investing in startups
developing technologies and products to fulfill customer needs in ways they
wouldn't think possible with their insurance company. State Farm continually
looks to evolve toward the future by finding new ways to provide more value to
customers.
ABOUT FERGUSON VENTURES
Ferguson Ventures invests in startups driving and enabling
industry-changing innovations in the commercial and residential construction,
remodel, and services industries. Ferguson Enterprises is the nation's largest
distributor of residential and commercial plumbing supplies and pipe, valves,
and fittings (PVF) and a diverse distributor that spans multiple businesses including
HVAC/R, waterworks and industrial. In the past 65 years, Ferguson has grown
from a local distributor to an $18.4 billion dollar company with more than
1,400 locations and over 27,000 associates nationwide. For more information,
please visit fergusonventures.com.
ABOUT WHISKER LABS
Whisker Labs is passionate about developing smarter
solutions to hard problems, leveraging expertise in signal processing, machine
learning, and artificial intelligence. Whisker Labs is leading the next wave in
fire prevention technology with Ting, an intelligent sensor that monitors a
home's electrical network to detect electrical hazards that often lead to the
most devastating and catastrophic fires. Our Ting Fire Operations Team
coordinates a national network of independent licensed electricians to assess
and mitigate risks identified by Ting. While on the job preventing fires, Ting
serves an expanding role as a fitness tracker for the home, smartly monitoring
and alerting homeowners to meaningful events that impact everyday life. For
more information, please visit tingfire.com.
Media Contact:
JOE MCNULTY
Whisker Labs, Inc.
Phone: +1 (301) 250-4041
Email:
Website: https://www.whiskerlabs.com/