Investment focuses on improving the reliability of HVAC space through predictive analytics
PASADENA, Texas, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Pinnacle Ventures, a corporate venture fund created by Pinnacle and the only fund to focus on data-driven reliability, announces their investment in SmartAC.com, a member-based technology platform that monitors the health of air conditioning systems. The deal, which marks Pinnacle Ventures’ first investment, will help SmartAC.com expand their service offerings to homeowners and top-level HVAC service providers.
“Pinnacle exists to make the world reliable through a data-driven approach, and SmartAC.com fits right in the middle of our Pinnacle Ventures mandate,” said Nathanael Ince, vice president of business development at Pinnacle. “SmartAC.com is focused on disrupting the HVAC space through advanced predictive analytics, and we’re excited to help fuel their next level of success.”
SmartAC.com was originally created to help homeowners and HVAC services providers recognize the full value of their air conditioning systems. The platform conducts daily health checks on air conditioning units and leverages specific asset data with machine learning algorithms to predict potential failures and detect system abnormalities before they occur. Users can easily access their unit’s real-time health information through a smartphone app.
"We are excited to have Pinnacle Ventures invest in our company and to have Ryan Sitton, founder and CEO of Pinnacle, join our board,” said Josh Teekell, founder and CEO of SmartAC.com. “The capital provided by Pinnacle Ventures will help us accelerate the growth required to meet our customer demand, which has scaled quickly since our launch in June. Additionally, this capital will help us power a new residential connected service economy for a $30 billion industry while offering our service partners a way to increase loyalty through improved transparency and customer experience. We’re very much aligned with Pinnacle Ventures’ focus on improving reliability through innovation and are confident that this investment will help us support our end users."
For more information about Pinnacle Ventures or to submit an application, visit pinnaclereliability.com/pinnacle-ventures.
About Pinnacle Ventures
Pinnacle Ventures is the corporate venture arm of Pinnacle, and is the only corporate venture fund focused on data-driven reliability. The $50 million fund was created to accelerate Pinnacle’s vision of making the world reliable. Pinnacle Ventures identifies innovative, industry-leading ideas and companies with disruptive potential and helps them achieve their next level of success through a potential investment of up to $5 million, industry-leading coaching, and a potential commercialization partnership with Pinnacle. For more information, visit pinnaclereliability.com/pinnacle-ventures/.
About SmartAC.com
SmartAC.com is on a mission to transform air conditioner and heating (HVAC) ownership for homeowners by enabling customers to care for their systems more easily and affordably. Created by industry experts and powered by machine learning, the SmartAC.com platform is designed to track daily AC system performance from all angles to notify users of a potential issue or breakdown before it occurs. The SmartAC.com platform, which includes the SmartAC Hub, three universally compatible sensors, and the SmartAC.com app, enables customers to understand and control the factors that can lead to operational inefficiencies and premature AC system failure so they are not caught off guard by unexpectedly high bills. For more information, visit smartac.com/.
Contact: Brittany Kopech,
Client Solutions & Marketing Manager
281-598-1330
Brittany.Kopech@pinnaclereliability.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a65e6d82-5226-4398-9045-69ddbbd05c76