SmartThings’ bank balance has received in shot in the arm thanks to a $12.5 million [£7.8 million] cash injection to help it power the Internet of Things [IoT] and bring its product to even more consumers.
The Series A round of funding is led by venture capital firms Greylock Partners and Highland Capital Partners and it will allow the IoT startup to hit its next phase of developments, bringing its total funding up to $15.5 million [£9.6 million].
“SmartThings is the most simple, elegant and affordable way for you to stay connected with and control your home from anywhere in the world,” said Alex Hawkinson, CEO and co-founder, SmartThings. “Greylock and Highland share our vision for a connected world and are important partners as we look to enhance our products and broaden distribution.”
Its blog explained that the new investment lets SmartThings enhance the product to make it easier and impactful thus allowing it to make sure the home is able to be connected with wherever anyone is.
Expanding distribution of the product is another advantage the investment brings to the table with the upcoming 12 months seeing SmartThings increase its channels of distribution to bring the product to even more customers through an increase in retail availability.
SmartThings explained that the final major aspect the investment addresses is to “advance our vision to be the definitive open platform in the space” by continuing to work with developers, device makers and service providers.
The company, which is the brainchild of Hawkinson, was created off the back of a “personal experience with a home disaster…something I could have known about and averted if SmartThings existed”, according to the company blog.
It was launched using a KickStarter campaign back in August and September 2012 that saw 5,694 backers pledge a total of $1,209,423 – almost five times the expressed target of $250,000.