Revolv Raises $4M for ‘Universal Remote’ to Control Smart Homes
Smart-home technologies that control lights, thermostats, the locks on doors and more were sold as futuristic luxuries just a few years ago. Now, they are proliferating and entering the mainstream market at more affordable prices.
A Boulder, Colo., startup called Revolv raised $4 million in seed financing to become the “universal remote,” or gateway, that homeowners can use to control them all.
Foundry Group led the round, joined by American Family Insurance and other angel investors.
The company is the third smart-home device maker to score institutional capital within the past two weeks: August Home Inc. raised $8 million led by Maveron for Bluetooth-controlled locks, and Quirky Inc. raised $79 million from investors including General Electric to make more “connected-home” gadgets.
A spate of other smart home tech ventures–such as Ambient Devices, Doorbot, Dropcam, Nest Labs, Sonos and SmartThings– raised seed and venture capital earlier. Other smart home tech businesses have turned to crowdfunding sites like Kickstarter, IndieGogo and Dragon Innovation for nondilutive capital.
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