It’s a big week for Denver-based Rachio. After announcing the close of a $10 million Series B round — which saw participation from the Amazon Alexa Fund — the company launched the third generation of its IoT smart sprinkler system.
Yesterday, the company introduced the Rachio 3 Smart Sprinkler Controller and Rachio 3 Wireless Flow Meter to its lineup of water management products. The devices enable homeowners to more accurately measure and control outdoor water use, detect leaks in an irrigation system and, if necessary, shut down the water supply to prevent flooding and landscape damage — all from the Rachio smartphone app.
Leveraging both its Weather Intelligence Plus technology and data regarding the soil, plant types and sun exposure around a user’s home, Rachio creates a customized watering schedule that ensures plants and grass get the water they need to thrive — and nothing more.
Rachio is not only saving homeowners frustration, water and money, we are helping communities conserve water on a much larger scale.”
“Rachio is not only saving homeowners frustration, water and money, we are helping communities conserve water on a much larger scale,” said CEO and co-founder Chris Klein in a statement. “With more than 60 percent of residential water waste in the United States occurring outdoors, our new products empower consumers to be smarter with water, so they don’t have to choose between conservation and easily maintaining a beautiful landscape.”
The funding round was led by Eastside Partners and Bonaventure Capital, with participation from the Amazon Alexa Fund — the company’s VC arm which supports voice technology and smart home innovation for its home assistant device, Alexa. The Alexa Fund has invested in previous rounds for Rachio and has provided valuable insight into the Alexa technology as the company has developed new smart home integrations.
“We’re excited to make a follow-on investment in Rachio as they continue their growth and innovation in sustainable solutions for the smart home,” said Paul Bernard, director of the Alexa Fund at Amazon in the statement. “Hands-free voice control is making the smart home simple and convenient for customers. Rachio’s Alexa skill makes it easy for customers to control their intelligent sprinklers simply using their voice, helping to improve water efficiency in the home.”
According to Rachio, it has saved homeowners and their communities more than 22.7 billion gallons of water since releasing its first smart sprinkler controller in 2014. The latest round brings Rachio’s total funding to date to over $20 million. With the new investment, the company plans to focus on the sales and marketing of its products in order to expand its reach in the smart sprinkler market.
“Rachio is so much more than a smart sprinkler company,” said Benjamin Cobb, partner at Eastside Partners. “While they clearly lead this exciting segment of the smart home market, they are also rewriting the book on water conservation. Their innovation mentality extends to all aspects of their business.”
