Tysons contactless delivery tech company buys Ind.-based firm
HomeValet acquires Evolve Engineering LLC
Tysons-based startup HomeValet, which develops technology for contactless deliveries, announced Wednesday it has acquired Evansville, Indiana-based Evolve Engineering LLC, which focuses on appliance engineering.
Terms of the transaction were not disclosed.
“Envolve Engineering’s team has had a hand in developing home appliance products for some of the largest refrigeration brands in the industry,” Jack Simms, HomeValet co-founder and chief operating officer, said in a statement. “We’re thrilled to have these seasoned innovators join the HomeValet team as we look to introduce our first IoT smart box product to the market and reimagine the current e-commerce delivery supply chain.”
HomeValet is developing a temperature-controlled “Smart Box” and subscription service for home deliveries, which, according to the company will be scaled by Evolve Engineer’s manufacturing and supply chain expertise.
Founded in 2013 by former Whirlpool engineers Mike Stagg, Greg Hortin, Patrick Boarman and Garett Strandemo, Envolve Engineering specializes in refrigeration engineering, appliance design, testing and safety. The company has more than 50 patents related to ice, water, beverage delivery systems and related cooling technologies.
“Second to having a great idea, is having the right talent to develop that idea into a winning product. HomeValet has assembled such an engineering team with years of experience specializing in major home appliances in advanced structures, thermodynamics and IoT systems,” HomeValet Adviser Steve Paddock, former Whirlpool senior vice president of global product development, said in a statement. “With Envolve Engineering’s talent, HomeValet will have the capabilities of a Fortune 500 organization with the size and speed expected of a high performing start-up.”
Under the acquisition, Evolve Engineering will continue to operate from its Indiana office to perform testing, evaluation and general product development. Its engineering staff will also remain.