Mark Chung tells Nathan Latka that no customer who installed Verdigris hardware and began paying monthly has churned.
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“It's essentially zero today.”
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More from Mark Chung
Disclosure
Verdigris treats its hardware as a loss leader for SaaS revenue
“We don't make money on the hardware.”
Mark ChungAug 14, 2017▶ 5:39751: IoT Electricity Measuring King Raises $16m w/ $1.2 Million Revenue
Insight
Chung argues hardware-enabled SaaS products have significantly lower customer churn
“Well, the beauty of what we do is because we have a hardware component that enables the SAS, it becomes a very sticky SAS-like product. So while there is a loss leader or basically a static component that's kind of a wash that enables a much, you can think of …”
Mark ChungAug 14, 2017▶ 7:08751: IoT Electricity Measuring King Raises $16m w/ $1.2 Million Revenue
AssertionSupported
Jabil claims Verdigris reduced its operational costs by 50 percent
“And in fact, they've come out and said that we've saved about 50% of their operational costs through using our solution.”
Mark ChungAug 14, 2017▶ 3:01751: IoT Electricity Measuring King Raises $16m w/ $1.2 Million Revenue
Disclosure
Verdigris has raised approximately $16 million in venture funding
“Today, about sixteen million.”
Mark ChungAug 14, 2017▶ 5:54751: IoT Electricity Measuring King Raises $16m w/ $1.2 Million Revenue
Disclosure
Verdigris plans a residential product under $10 per month via utilities
“We do intend to roll out a plan probably in partnership with the utility in the next few years that would allow us to Put this in people's homes for, you know, hopefully under 10 dollars a month or something at an acceptable cost.”
Mark ChungAug 14, 2017▶ 11:35751: IoT Electricity Measuring King Raises $16m w/ $1.2 Million Revenue
Insight
Verdigris targets enterprise customers spending at least $10,000 monthly on electricity
“General rule of thumb is that we look for people who've spent, spend about 10,000 dollars a month on electricity.”
Mark ChungAug 14, 2017▶ 14:43751: IoT Electricity Measuring King Raises $16m w/ $1.2 Million Revenue
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