SmartThings gets $12.5M to take over the Internet of Things
SmartThings, the Internet of Things startup that provides home automation solutions, raised $12.5 million in a Series A funding from Greylock Partners and Highland Capital Partners. This round of funding brings SmartThings’ venture funding to a total of $15.5 million.
The new round of funding will be used to enhance its product portfolio as well as expanding its reach.
Greylock partner Josh Elman and Highland partner Manish Patel will join the SmartThings board of directors. Elman will play a key role in helping the company as it rolls out to a larger market, while Patel will help the company expand its support for the growing ecosytem of developers and device makers with his extensive background in connected hardware and developer platforms.
“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.”
SmartThings began life on Kickstarter with its Smart Hub, a small gadget that allows you to connect other devices so they can be easily controlled through your mobile device via an app. It had a funding goal of $250,000 but raised over $1 million.
SmartThings offers a Know Your Home Starter Kit for $199 which includes the SmartThings Hub which acts as the brain of the operation, the SmartSense Multi which detects movement, vibration, orientation, and temperature, SmartSense Presence so you can keep track of easily lost items or pets, and a SmartSense Motion which detects movements and alerts you of this. It also offers a Know and Control Your Home Starter Kit for $299 which includes a SmartThings Hub, 2 SmartSense Multi, 2 SmartSense Presence, a Smartenit Plug-and-Control power outlet, and a SmartSense Motion.
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