Upward! Sales and Biz Dev update.
Note that until everyone wants to go public with their relationship status ... it's bad form to kiss and tell. We'll get press release(s) out as soon as we can and then we can name names. Until then, I hope you'll understand that we don't want to jeopardize any of the discussions/deals. That said, we have much to report on:
Upward. The Upward Hartford Sales accelerator went great. Check out this video:
We have a couple smaller installations in Hartford right now and a five-figure quote for a single location installation there went out a couple of weeks ago. More importantly, though, opportunities with two of the world's largest insurance companies and one of the world's largest owners of Class A properties are still in play. The insurance companies would be longer term partnerships, big opportunities but nothing fast.
Meanwhile, the Class A property owner from Upward that we're still working with has over 1,000 properties (think shopping malls and office buildings). We've shipped gear to two of their sites so far, and are working to get their first installations online now. If they like what they see, they could flip 1,000+ office buildings onto our system with an executive decision. Fingers crossed.
Outside of Upward. Things are going on outside of the Upward accelerator as well.
We've done our first installation with one of the largest makers of fresh foods in the West. We have already turned on their newest location in L.A. with 40+ cameras and 20+ doors. The real goal is that they have 30+ locations in total. We are openly gunning to take them all over eventually and they are already discussing site #2 with us.
We're also working with one of the largest makers of traffic component products in the U.S., their gear is in 90%+ of the intersections we drive through every day. They want to add video to their portfolio and we're just the ones to do it for them. I flew to their corporate headquarters two weeks ago and their President picked me up from the airport on a Sunday to spend the day with him, their CTO, and their Director of Engineering. Monday I met with the rest of the team. I think we have a very good idea of what they need and we are able to deliver it. We're creating a plan together now.
To be clear, despite all the above opportunities, we aren't counting chickens before they hatch. This is still early stage company stuff, rife with risk but a ton of opportunity. See comic below ... that is every startup ever, and our eyes are wide open about it.
The next step in our corporate development will be to build the sales team that can get us the repeatable/predictable sales influx that any company needs for reliable growth. We'll be working as hard as we can to close the above big partnership opportunities too, as well as find new ones.
Lastly, we're going to announce more fundraising soon. We've been encouraged to do a Reg A+ by an investment research group who would like to cover us. The last company they covered, driven largely by that coverage, raised $30M. We're not quite ready for that, though, so we're going to do a second Reg CF first. Republic has been fantastic, and we were proud to be one of their top raising enterprise deals. We believe that taking what we've learned about crowdfunding and running another campaign would benefit Cloudastructure and all of its stakeholders.
To continue expanding our reach, we are going to run another Reg CF campaign on a different platform. You all will be informed here when that deal goes public. Our valuation has gone up since your investment but, if any of you are interested, we should be able to have a discount available to you when we first go live. We'll keep you posted.
We'd like to take this opportunity to thank the Republic Team once again. They are professionals through-and-through, and we really appreciate all that we learned from them from fundraising to growth strategies. We'd recommend that all startups consider Republic as a fundraising vehicle. In fact, I am advising another startup and I suggested they work with Republic as their first choice -- and they just got approved yesterday!
In any case, we could be announcing our new Reg CF as early as next week. So stay tuned.
Happy Turkey, Everyone!