Wednesday November 27, 2013 0 commentsBOULDER - Revolv Inc., a company that unifies premium smart home automation devices with one iOS app, received a $4 million investment led by The Foundry Group to help commercialize its product, the company announced.
The investment round also included funds from American Family Insurance and several existing investors, Revolv said.
The funding follows a previous round in September 2012 in which Revolv received $2.7 million in seed funding. Revolve said it plans to use the new funds to further its product development and expand market distribution into retail channels.
"After receiving such positive responses from customers with our initial shipments earlier this month, we are very excited to continue the momentum and drive further market adoption of Revolv," said Tim Enwall, CEO.
"This latest round of funding will help us further meet consumer demands to provide a unifying and simple solution to make their smart home even smarter. We are very proud to be working with The Foundry Group, a top-ranked and entrepreneur-friendly venture firm."
"It is very impressive what the Revolv team has accomplished in getting the product to market in a short timeframe and with seed funding," said Ryan McIntyre, Foundry Group's managing director.
"The global smart home market is projected to grow to over $9.2 billion by 2017, and we believe Revolv's unifying solution has what it takes to be successful in the market."
Revolv began shipping to pre-order customers on Nov. 12, the company said. The product can be purchased direct from Revolv.com or from Amazon.com for $299.
(See InnovatioNews' story on Revolv)