New Investment to be Used for Market Expansion and Product Development
BOULDER, Colo.--Revolv Inc., the smart home solution that unifies premium smart home automation devices from one iOS app, today announced it has received a $4 million investment led by The Foundry Group with participation from American Family Insurance and several existing investors. This follows the company's previous round in September 2012 in which Revolv received $2.7 million in seed funding. Revolv plans to use the funds to further 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, Revolv. "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, Managing Director, The Foundry Group. "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 November 12th 2013. The product can be purchased direct from Revolv.com or from Amazon.com for $299. The Revolv Smart Home Solution simply and elegantly connects and manages the most popular home automation devices such as Sonos, Philips hue, Yale, Nest and up to fifty other popular products today with one easy-to-use iOS app. Revolv will continue to add support over time for up to 95% of all smart home devices.
*IMS Research - Connectivity Opportunities in the Smart Home World 2012
About Revolv Inc.
Revolv unifies your smart home on your smartphone and tablet. We build solutions that deliver the simplest and most affordable smart home experience using premium, off-the-shelf wireless consumer electronics. Our cloud-based software easily connects with all of the specialized third-party wireless products being developed for the next generation home, such as lights, locks, sensors, thermostats and streaming entertainment systems. Revolv is based in Boulder, CO and was a TechStars 2012 graduate. The Foundry Group is an investor in the company.