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At Verdigris We Raised $6.7 million to Go Further, Faster

Dear Customers, Friends and Advisors of Verdigris,

As you may have already seen, we announced our financing last week!  It was a big milestone for our team. Since we’ve announced we’ve seen a surge in the traffic to our website. We've received some exciting press coverage.  My inbox is flooded with kind notes of congratulations.  I've also been hit by 10x the number of solicitors…

First thank you all for the well wishes. Your excitement, enthusiasm and support means so much to us at Verdigris. I feel so proud of this impressive team and am so honored to be a part of it. We work as hard as possible to bring meaningful technology to help manage your building energy and equipment.

Thank you all also for believing in us. Many of you have now seen first hand what our team and technology can do. I could not be more proud of what our team has accomplished in the past year.  We released our AI Tracker for automating alerts.  We also launched our latest generation Verdigris sensor platform. These represent just the start of new capabilities we intend to bring to the market. This funding will not only allow us to speed up new capabilities for existing customers, but also enable us to enlarge our Verdigris community and scale our operations.

I’ve had so many people ask me in the past year. “This technology is incredible! Why haven’t I heard of you guys before. Are you stealth?” That’s always struck me. As a small team we’ve had to be very selective about our customers and we’ve been focused on perfecting the product experience to make sure we deliver an incredible service and value.  We’ve not invested heavily on marketing nor on a large sales team. We've relied on word of mouth, and we continue to be conscious of our ability to meet the commitments we make. Having accidentally burned a customer before, we want to make sure we never again under-deliver on our promises. The folks that depend on Verdigris manage some of the most sophisticated and mission critical built environments in the world. We can ill-afford to fail on that commitment.

Some of you expressed a bit surprise and had some questions so I wanted to answer some questions from our community--with this short FAQ

Didn’t you guys just raise why did you raise more now?

In February, a few close advisors led an internal investment to speed up our international safety certifications.  At that time we’d not yet publicly shared any of our previous financings, except through SEC filings.  We used the opportunity then to announce ourselves to the market and give our customers confidence that we had the both resources and staying power.  

This current round was an opportunity to build a stronger relationship with Verizon. We have better leverage in the innovation team. We've also given their  sales team confidence about our partnership with their customers.   Both our customers and us also benefit from the reduced 4G/LTE costs for our solution which continues to benefit from the most reliable and secure cellular infrastructure in the US.

We'd always intended to offer more equity to our Series A investors once we’d validated some engineering milestones. With Verizon's commitment now was a great opportunity.  This additional capital provides both confidence and speed as Jabil and our other customers deepen their dependence on our capabilities to manage their most critical factories.

What will you guys do with the money?

Our biggest priority is investing in our customer operations team. While we've all rallied to support customers, this amazing crew has been managing an incredible workload and they need more resources. We're hiring new account managers, engineers, and building a finance and operations team. These new Verdigrisians will help streamline our customer operations. They will enhance the speed and quality of service delivery to our customers.  

We will also continue investments in our secure IoT data infrastructure and its reliability. We will accelerate development of the Verdigris AI, and refine our design for less cost and more reliability and ease.  We will continue to make our product the best solution on the market for energy intelligence.

What does this mean for me as a customer, as a shareholder, as a fan?

As a customer, you’ll get faster access to richer more powerful features from our platform. This means more $$ to the bottom line, less risk in your equipment and buildings, and a more sustainable footprint. You can be confident the investments you are making in our platform will  benefit from a long and rich roadmap of capability.  You’ll also see quicker response times from our internal teams.  

As a shareholder, have confidence we’ll continue to bring on value added capital and grow to increase our influence as a company. With a powerful new ally in Verizon and renewed commitments from our biggest investors, you benefit from the reduced risk and increased value.  Thank you guys for believing in us before anyone else.

As a fan and future customer, be aware. We’re continuing to improve! Soon we'll make Verdigris more-affordable and more-easily accessible so you too can also leverage its capabilities for your building.

I don't want to wait, How can I get Verdigris for my building today?

Patience…  :)  We hear you. We're flattered that you want our solution and we're hopeful we can help you.  We are at capacity... meaning, we’ve sold everything we can make for the next several weeks. But please be patient. Contact us, join our mailing list (you can subscribe above!), follow us! We are increasing our production capacity as fast as possible. We’ve seen your requests for new demos. We’ll also be scaling our growth team so we will have more time soon to address the huge number of new and exciting buildings who want to use our solution.  Thank you for choosing us to be your sensor-based artificial building energy intelligence.  Our team is working around the clock to scale the solution.  Letting us know your specific needs and pains really motivates us to move faster and helps us build a better product.

Where is Verdigris going?

“To sustain and enrich human life through responsive energy intelligence.”

This is our mission statement.  We believe in a future where artificial intelligence will make great contributions to humanity. Verdigris' AI will be no different. We plan to continue building our network of intelligent energy sensors to connect each and every building across this planet.  This network will be part of an AI spanning the globe. Its prime directive will enhance human life with smarter buildings and reduce the nearly 70% of energy consumed by our built environments.

I’m so proud of the accomplishments our incredible team has made over the past year. Moreover, I’m thankful for their continued sacrifices and for all the efforts they and my co-founders pour into Verdigris. What we’ve achieved thus far is amazing... yet unfortunately woefully short of our ultimate goals. We continue to rely on you all our community for your support and enthusiasm as we keep our heads down and build the next chapter of Verdigris.

If you want to be a more active part of the journey join us.

And if you want better 

“Have a healthy disregard for the impossible." – Larry Page

Warmest,

Mark and the Verdigris Team

Note: This post was originally shared on LinkedIn Pulse