East Falls' consumer IoT firm BuLogics spinoff StratIS says its breaking even, may seek to raise venture capital
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( Note 1/13: This article has been updated to more accurately reflect certain aspects of the relationship between BuLogics and Zonoff, and also between BuLogics and StratIS.)
BuLogics is one of the more creative young technology firms you're going to find anywhere, not just in Philadelphia. Founded in 2003 by Ryan Buchert, a Drexel engineering grad (BS & MS) who spent a few years at local wireless IP giant InterDigital, the East Falls company has prospered primarily by developing and licensing innovative wireless technologies.
BuLogics and StratIS Headquarters in East Falls
For example, in 2011 Malvern-based Zonoff acquired certain technology assets from BuLogics, which enabled Zonoff to implement the initial version of its IoT platform.
Indeed, the Internet of Things was one of the centerpieces at this year's CES. And its also at at the center of BuLogics' strategy. As it describes itself on its website, "From idea to shelf, BuLogics designs, builds and certifies wireless solutions for the Internet of Things."
While doing work for others pays the bills, and licensing intellectual property can certainly be lucrative, greater opportunities may come from creating new businesses. And that's exactly what BuLogics is doing with StratIS.
|BuLogics CEO Felicite Moorman|
StratIS, as described by BuLogics CEO Felicite Moorman in a phone interview with Philly Tech News, is a family of products built around BuLogics IoT technology. Moorman, a native Oklahoman who somehow ended up in Philadelphia, is an attorney who turned from real estate law to technology, and she's interested in much more than piling up a patent portfolio.
StratIS consists of four distinct modules (or spheres, as it calls them), but the one that's furthest along in terms of commercialization is Access Manager, which is targeted at the multitenant housing and hospitality markets. As StratIS describes its benefits to the landlord, Access Manager "enables property managers and staff to quickly and easily provide replacement credentials, vendor access and full audits without leaving the management office. Save time and money by eliminating the need to re-key and replace locks."
Moorman, perhaps because she isn't an engineer, doesn't dwell much on other bells and whistles it offers both landlord and tenant, but rather the payback the product offers landlords, which it claims to be in as few as twenty-four months. Another sphere, Energy Management Plus, is sold as an add on to Access Manger. StratIS currently claims to be in over 70,000 units.
Bucks County's LifeShield Security, which had attracted a considerable amount of venture capital and also targeted renters, though in a different way, was acquired by DirecTV in 2013. DirecTV, which actually said LifeShield had worked out well for it, was of course recently acquired by AT&T, and its too early to tell how LifeShield will fit into AT&T's home automation mix.
An important benefit StratIS has in this market is its relationship with Schlage, one of the leading lock manufacturers, which StratIS describes as its "primary strategic access partner." Schlage Control Smart Locks for multi-family properties and building owners are compatible with StratIS solutions.
Other StratIS "spheres" include Aging in Place (to support home livng for the elderly), snd The Internet of Things, which seems to be a grab bag of capabilities which might be possible with the StratIS IoT platform.
StratIS referred to itself as a spinoff from BuLogics, which was a bit confusing at first because it was difficult to see how they were separated. But a statement from Moorman clarified things:
"StratIS is a separate legal entity that is currently profitable as a bootstrapped technology company. BuLogics retains some interest in StratIS, though the two companies work very closely together, referring work to one another strategically."
BuLogics indicated that it is considering launching a Series A financing round for StratIS early this year (though no filing is evident yet).