InfiSense, a SaaS data company that makes it easy to monitor data from indoor and outdoor agricultural sites, announced that it raised a round of capital led by Vermont-based investment fund FreshTracks, and graduated from the Montreal-based Creative Destruction Lab (CDL) accelerator.
Burlington, VT / May 11, 2021 - InfiSense, a SaaS data company launched in 2019 that provides real world data feeds to the analysts, engineers and experts solving today's most complex problems, announced that it graduated from the 2020/2021 Creative Destruction Lab (CDL-Montreal) supply chain stream program, and successfully raised a round of capital to accelerate growth.
InfiSense currently powers leading businesses that use data to address building decarbonization and to optimize indoor agriculture production, two endeavors that help offset the effects of climate change.
Similar to financial analysts that pay premiums for information delivered through curated data feeds, InfiSense's customers rely on them to deliver persistent and actionable streams of data from low power, long range wide area network (LoRaWAN) sensors easily installed in the real world. In their first year of sales, they generated an impressive $500K in revenue.
"We translated the input and feedback from our CDL mentors into actions that honed our value proposition and product offering," said Tim Guiterman, InfiSense's CEO and Co-Founder. "We immediately translated this into increased sales, dramatically increasing our footprint to thousands of data feeds at over 550 sites throughout North America."
In addition to their graduation of the CDL program, InfiSense secured a lead investment from FreshTracks Capital, an early-stage venture capital firm focused on financing businesses in Vermont and surrounding regions. "Tim and Co-Founder Martin Bures have done a great job building a compelling platform that delivers significant value to customers, generating impressive traction and revenue; all while launching and scaling during a pandemic." said Lee Bouyea, Managing Director at FreshTracks.
This round of funding will fuel InfiSense's next stage of revenue and team growth, including hiring of additional software development and customer success team members. "FreshTracks understands the importance of data in tackling the burning issues of our time, so we're thrilled to have them as an early partner," said Guiterman. "Our goal is to let customers transform real world data from anywhere on the planet into actionable intelligence, and now we can put this capital to work to make that happen."
About InfiSense (www.infisense.com)
InfiSense's cloud-based API enables its customers to build real world data feeds from low power, long range wide area network (LoRaWAN) sensors, without having to waste time, money and expertise to develop and manage a complex technology stack. InfiSense supports analysts and engineers at data-powered businesses that are improving the world around us, including reducing energy use in buildings and optimizing plant production in agricultural facilities.
About FreshTracks Capital (www.freshtrackscap.com)
Founded in 2001, FreshTracks is a Vermont-based investment fund that uses venture capital to create positive economic and community impacts. Across its five funds, which total more than $50 million, FreshTracks has invested in more than 55 companies. The firm's Managing Directors, Cairn Cross, Lee Bouyea and T.J. Whalen, are actively investing out of both FreshTracks IV and the FreshTracks Capital Growth Fund.
About Creative Destruction Lab (www.creative destruction lab.com)
Creative Destruction Lab (CDL) is a nonprofit organization that delivers an objectives-based program for massively scalable, seed-stage, science- and technology-based companies. Its nine-month program allows founders to learn from experienced entrepreneurs, increasing their likelihood of success.
Founded in 2012 by Professor Ajay Agrawal at the University of Toronto's Rotman School of Management, the program has expanded to nine sites across four countries. Since its inception, companies that have participated in the CDL program have created more than $8 billion (CAD) in equity value. CDL alumni include North (Waterloo), Atomwise (San Francisco), Kyndi (Palo Alto), Xanadu (Toronto), BenchSci (Toronto), Kheiron Medical (London), and Roadbotics (Pittsburgh).
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