Control4, a home automation systems company, announced it has raised approximately $15 million in a Series B funding round. The financing will be used to introduce a comprehensive portfolio of home automation products.
CONTROL4 RAISES $15 MILLION IN SERIES B FUNDING;
-New Investor Frazier Technology Ventures Joins Thomas Weisel Venture Partners and vSpring Capital to Complete Funding Round; Industry Experts Develop Breakthrough Portfolio of Wireless Products That Can Be Installed In Any Home -
Draper, Utah - Control4, a home automation systems company, today announced it has raised approximately $15 million in a Series B funding round. Frazier Technology Ventures led the round with further participation by existing investors Thomas Weisel Venture Partners and vSpring Capital. Len Jordan, General Partner of Frazier Technology Ventures, has been appointed to Control4's Board of Directors. The financing will be used to introduce a comprehensive portfolio of home automation products that, for the first time, can be retrofitted into any home.
"Control4`s executive team has deep experience in home automation and networking. They have developed a compelling line of products spanning safety, entertainment, security and comfort that will transform home automation, making it available and affordable to a much broader consumer audience. The underlying software platform, incorporating a standards -based wireless technology, enables multiple products to easily interact with other leading consumer electronic products," said Len Jordan, General Partner, Frazier Technology Ventures. "The rapidly growing trends in broadband adoption, home wireless networking, digital entertainment and home security/automation, create a compelling convergence of consumer needs and a significant opportunity for Control4."
In September, Control4 will unveil more than 20 innovative wired and wireless IP -based products that can, both individually and collectively, enable a wide range of automation capabilities in any home. The family of products will first be introduced at the CEDIA trade show in Indianapolis, Indiana (Sept.10 -12) and will offer exceptional ease -of -
installation and the ability to customize home automation without advanced programming expertise.
"We are building sophisticated, but simple home automation systems that are affordable, adaptable to any lifestyle and easy to install in any new or existing homes," said Will West, Chief Executive Officer, Control4. "Home automation is no longer only for the affluent. With these innovative new systems, homeowners can begin to automate their homes for less than $500 and then expand as budget allows."
Control4 will be the first company to offer full automation to any existing home. Its wireless products can be installed without infrastructure changes that traditional home automation products require. A standards -based approach also allows products from virtually all third -party vendors to integrate with the system.
Control4 was founded in 2003 by a team with extensive experience in residential automation systems and an in -depth background in networking. Before founding Control4, Will West and Eric Smith founded PHAST Corporation in 1995. PHAST is broadly recognized as developing the first home control system with an intuitive interface for programming and daily use. PHAST was sold to AMX in 1997. The same team later founded and built STSN into the largest provider of broadband services in the hospitality industry, serving more than 2,000 hotels and more than 250,000 guest rooms worldwide.
Control4 makes home automation a practical option for any home by combining innovative technology with today's wired and wireless networking standards. Led by a team of experienced industry professionals, the company focuses its expertise on providing a new breed of home automation solutions that are affordable, non -invasive, easy to install and designed to adapt to any lifestyle.
About Frazier Technology Ventures
Frazier Technology Ventures (FTV) is a Seattle -based, early -stage venture capital firm focused on wireless, communications, media and enterprise technologies. The partnership has deep, executive operating background at ATT, Cube, Immunex, LSILogic, Microsoft, RealNetworks, Visio and other successful startups. FTV is part of 13 -year -old Frazier Healthcare and Technology Ventures and has over $900M in capital under management.
About Thomas Weisel Venture Partners
Thomas Weisel Venture Partners (TWVP) is an early stage venture capital firm that invests in emerging information technology companies. Based in Menlo Park, California, TWVP`s specific industries of focus include infrastructure and application software (including open source), security, semiconductors, communications, storage, wireless technologies and Internet services. In working with portfolio companies and analyzing new investment opportunities in these related industries, TWVP often develops opinions about new technologies and markets that represent attractive investment opportunities for the Fund. For more information, visit www.twvp.com.
About vSpring Capital
vSpring is a traditional early -stage venture capital firm with over $180 million of committed capital under management. The firm specifically targets information technology and life sciences companies headquartered in the Intermountain West region. Its primary areas of focus include enterprise software, networking and communications, security software, Internet, mobile computing, drug discovery, drug delivery, diagnostics and medical devices, all markets where the firm has deep experience.
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