mIQrotech Pitch Deck

Tampa-based energy startup mIQrotech was founded in 2017 by Meade Lewis, who previously worked as CTO at three different energy startups. Their mission was to eliminate leaks and emissions from oil & gas pipelines using smart sensors. In this pitch deck, mIQrotech's patented "all-in-one" IoT device claimed to monitor 7 variables critical to pipeline health, and predict leaks with "96% accuracy."

mIQrotech raised over $8M in total from investors like Page Angel Investor Fund (an offshoot of the Harvard Business School Alumni Angels that co-led the Series A round), Chevron Technology Ventures (through their Catalyst Program), Cathesix ventures, Plug and Play, and other angel networks, VCs, and accelerators. A press release following their 2021 Series A claimed the startup was approaching "unicorn status" ($1 billion valuation). In 2022, Lewis was named to the Forbes 30 under 30 energy list.

A federal indictment later revealed that founder Meade Lewis raised much of this capital using misleading financial statements, leading to a federal wire fraud indictment and a subsequent guilty plea. Lewis claimed mIQrotech's systems were actively deployed and monitoring lines for large energy companies, and that the company reached $6.8M in ARR (annual recurring revenue) by 2020. In reality, the company never crossed $100k in revenues, and none of it was recurring. Lewis also told investors that Chevron had agreed to invest $4M, which was also untrue.

$7M • 2019 • Seed