Waltech RV

Revolutionizing RV living with our smart thermostat, with more than 500 exclusive user base at $309 price point and monthly subscription revenue of $8 per device
Austin

About Waltech RV

Did you know that there are 12 million RVs in the U.S. alone, with nearly half a million more joining the roads each year? Despite this booming industry, an astounding 99% of these RVs still rely on antiquated technology. Picture this: old push-button thermostats, a labyrinth of chaotic wiring, and a noticeable lack of modern conveniences. While smart homes have become the norm, RVs are still stuck in the 1970's. This leaves a big gap in the RV industry and our innovation is here to transform the RV industry.

WalTech is pioneering the change, by replacing outdated RV thermostats with innovative smart thermostats that also serve as the control center for a whole new kind of RV experience. We're transforming ordinary RVs into smart homes on wheels, offering a level of convenience and integration that has never been seen in this space. Welcome to the future of RV living.

Tagged with

Team

Problem statement

While you might think it's easy to just pop a Nest or Ecobee thermostat into an RV, it's not that simple. Here's why:
For RV Owners:
1. Voltage Issue: RVs use 12v DC from batteries, unlike homes that use 24v AC from the grid.
2. Wiring Complexity: Homes have standard HVAC wiring; RVs do not. In fact, RVs can have over 10 different wiring setups.
3. Unstable Wi-Fi: About 70% of RVs don't have reliable Wi-Fi, a must-have for most smart devices.
4. No Custom Fits: Most smart systems aren't designed for the RV lifestyle, offering little in terms of customization or integration.

For RV Makers:
1. Too Many Controls: Each appliance supplier has their own control unit, and does not talk to each other, so an RV could have separate controls for AC, heat, water heating, etc.
2. Rigidity: The current control center in RVs is wired and rigid. Users can't easily add or remove features.
3. Pet Monitoring: 60% of RV owners travel with their pets but none of the HVAC products offers room temp monitoring/alert features since they do not have smart thermostats.

This combination of challenges creates a substantial gap in the market. WalTech's smart thermostats are engineered to overcome these obstacles, offering a tailored solution for the unique demands of RV living.

TAM: $2.5 Billion (only travel trailers and fifth wheel that is 85% of the RV market)
SAM: $2.15 Billion (85% of TAM that are compatible easily uses Dometic/Coleman/Furrion/GE thermostats)
SOM: $647 Million (30% of SOM are frequent travelers who travel more than 55 days a year)

Traction information

We've already sold over 350 units of our first product, Waltech 1.0, and have 50% of those customers subscribing to our additional services. Our latest innovation, Waltech Vision 2.0, opened for pre-orders in July 2023 and we've already sold more than 170 devices, with orders set to be fulfilled by December 2023.

B2B:
Most recently, we've attended key RV and HVAC industry events, where we've not only gained significant interest from industry giants but are also in the pipeline for partnerships and contracts with several RV Original Equipment Manufacturers (OEMs).
We're in the final stages of securing a mutual Non-Disclosure Agreement (NDA) with one of the largest HVAC manufacturers in the RV space. This partnership is anticipated to dramatically increase our brand value and market share.

Production:
In terms of production, despite adding a new Android chipset to our hardware, we're on schedule to complete our initial manufacturing batch by December 2023. This will enable us to provide test devices to potential partners and meet our promise to customers.

Lifetime Value:
One of the most exciting aspects of our business model is the potential for a high Lifetime Value (LTV) per customer. In addition to the initial purchase of our smart thermostat, we offer premium subscription services that provide advanced features like integrations and adding extra sensors. This recurring revenue model significantly boosts the LTV for each customer, providing a steady stream of income that enables us to continue innovating and delivering high-quality services.

Moreover, WalTech Vision 2.0 comes with built-in SIM card capabilities, introducing a cellular subscription option. This is especially appealing for the 70% of RV owners who don't have access to stable Wi-Fi, as it allows them to stay connected and control their RV's systems remotely.

Future Traction:
Looking ahead, the funds raised in our upcoming round will be a game-changer for WalTech, specifically enabling us to meet the demands of RV and HVAC Makers (OEMs). Our immediate plan is to manufacture and supply 7,000 devices as a start, laying the groundwork for our partnerships and contracts in the pipeline. By optimizing our manufacturing processes and scaling efficiently, we are projected to close the year 2024 with a minimum $1 million in product sale alone + $225k in recurring revenue.

Updates

cas milner has visited this profile using a private link.
Added 6 months ago
Morgan Odell has visited this profile using a private link.
Added 6 months ago
Will Baizer has visited this profile using a private link.
Added 6 months ago
Jonathan Chizick has visited this profile using a private link.
Added 6 months ago
don shafer has visited this profile using a private link.
Added 6 months ago
Morgan Odell has visited this profile using a private link.
Added 6 months ago
Nick Spiller has visited this profile using a private link.
Added 6 months ago
Morgan Odell has visited this profile using a private link.
Added 6 months ago
Profile created.
Added 6 months ago

Pitch deck

Funding

Currently raising capital

$25,000
committed
$500,000
goal