About this raise
LEXI, with a valuation of $30 million, is raising funds on Republic. It is an enterprise IoT edge-to-cloud platform that is universal, interoperable, multi-protocol, and intelligent. The platform is used for wireless protocol support and forward compatibility, major ecosystems coverage, and machine learning to enhance UX. The LEXI platform is being deployed into several business segments, including smart buildings, smart homes, smart agriculture, industrial control, and environmental monitoring. Scott Cahill and Deepak Saxena founded LEXI in December 2017. The current crowdfunding campaign has a minimum target of $25,000 and a maximum target of $1,070,000. The campaign proceeds will be used for IT and cloud, marketing, sales, software development, product, account management, and customer service.
Investment Overview
Invested $591,361 :
Deal Terms
Company & Team
Company
- Year Founded
- 2017
- Industry
- Business Services, Software, & Applications
- Tech Sector
- Distribution Model
- B2B2C
- Margin
- Low
- Capital Intensity
- Low
Financials
-
Revenue
- $50,000
- Monthly Burn
- $8,094
-
Runway
- 24+ months
- Gross Margin
- 35%
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Edge
Would you tolerate being forced to buy all your new kitchen appliances from just one brand even though, say, the company that makes your coffee maker doesn’t make a very good refrigerator?
Of course not. But that’s exactly what’s happened. Consumers have to commit to a single ecosystem: Google’s Home, Amazon’s Alexa, or Apple’s Homekit. This walled garden extends to product choices as well, such as Philips Hue, Ring, Nest, and others.
And so, consumers pay the price. Those who dare buy smart devices from more than one brand are stuck with devices that can’t work together. And those who have committed to a single brand have a limited range of products to choose from.
That’s a big problem. And right now, LEXI is the only company that has figured out how to fix it. Its technology — featuring a universal IoT gateway — is truly agnostic. (IoT gateways are often required in smart home protocols. A universal IoT gateway serves a secondary purpose of interconnecting different wireless protocols.)
Company Funding & Growth
Funding history
- Total Prior Capital Raised
- $3,200,000
- VC Backed?
- Yes
Close Date | Platform | Valuation | Total Raised | Security Type | Status | Reg Type |
---|---|---|---|---|---|---|
11/21/2024 | Republic | $30,000,000 | $136,852 | SAFE | Funded | RegCF |
08/27/2024 | StartEngine | $30,000,000 | $0 | Convertible Note | Not Funded | RegCF |
03/20/2023 | Republic | $30,000,000 | $591,361 | SAFE | Funded | RegCF |
Growth Charts
Revenue History
Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.
Valuation History
Price per Share History
Note: Share prices shown in earlier rounds may not be indicative of any stock splits.