This capital raise will support iDevices in continuing to bring leading connected home products to market.
Avon, Conn. - February 12, 2015 - iDevices, the preeminent brand and development partner in the Internet of Things (IoT) market, has closed its Round C venture capital raise. Allegion, plc. (NYSE: ALLE), a leading global provider of security products and solutions, led the raise. Connecticut Innovations, an organization that helps Connecticut businesses grow through creative financing and strategic assistance, made a supporting investment in the capital raise by iDevices.
Allegion is making a significant equity investment in iDevices through Schlage Lock Company, forming a strategic alliance to expand its innovative footprint in the growing IoT market. Both Schlage and iDevices launched next generation connected home solutions at the 2015 International Consumer Electronics Show, Schlage SenseTM and the iDevices Switch. The partnership will amplify both companies' impact on the market and connected home.
Allegion Senior Vice President and President of the Americas, Tim Eckersley, said the company would leverage iDevices' technology platforms and IoT expertise to accelerate new product development for the future of home automation.
"Allegion is forging a path of innovation for IoT security products and solutions," Eckersley said. "With our latest connected products like Schlage Sense and ENGAGE technology, we're emphasizing the convergence of mechanical and electronic technologies to pioneer safety. A strategic investment in iDevices, a premier IoT brand, strengthens our expertise in that convergence. We will continue to provide value to our customers with locks that are both strong and intelligent."
iDevices CEO, Chris Allen, agreed the two companies' strategic priorities align. "This alliance has been a clear move for iDevices since the start of our relationship with Allegion. Both companies share a passion for bringing high-quality home products to market with a strong focus on creating unprecedented user experiences," said Allen. "I truly believe this strategic alliance with Allegion marks a major step toward not only revolutionizing the connected home, but also emphasizing security in home technology with Allegion's history of protection."
This capital raise will support iDevices in continuing to bring leading connected home products to market. It will also be used to strengthen iDevices' position for progressing partnerships with top home product companies for advanced IoT development.