Physical AI startup BrightAI bootstraps to $80M in revenue
BrightAI's Founding and Focus
When Alex Hawkinson was the CEO of SmartThings, he realized that IoT technology could solve bigger issues. He left SmartThings in 2018 to figure out where connected devices could make the largest impact, and co-founded IoT company BrightAI in 2019. During the pandemic, Hawkinson saw that critical infrastructure was antiquated and decided to focus BrightAI on using connected devices to fix infrastructure issues.
BrightAI's Platform and Offerings
BrightAI offers an end-to-end tech platform that uses sensors to help companies monitor physical assets. Its sensors constantly send data to an AI algorithm that processes the data and can help catch and predict potential issues before they arise. BrightAI's platform is used by companies across various verticals, including pest control, HVAC, waste management, and power.
BrightAI's Bootstrapping and Funding
BrightAI launched its platform in stealth in 2023 and has reached $80 million in revenue while remaining in stealth mode without raising any outside capital. The company is now emerging from stealth and has just raised a $15 million seed round funded entirely by Upfront Ventures.
BrightAI's Competitive Landscape and Growth Plans
There are other startups taking a similar approach to AI and sensor technology, but BrightAI has chosen not to limit itself to a single vertical to maximize its total addressable market. The seed round funding will be used to expand BrightAI's tech capabilities and help the company serve more of the customer interest it has already generated.