Notion, a home monitoring system that is benefitting from the boom in the Internet of Things (IoT) development, has closed a $2 million funding round. Notion successfully raised over $280,000 on Kickstarter in the summer of 2014 and then transitioned into a pretail campaign. The concept is one of creating a single small device that incorporates multiple sensors. The Notion system is connected to a central hub that is interconnects all of your devices which may be managed or monitored in an app. The first round of shipping is scheduled to take place this coming July.
Notion’s funding was provided by a group of well known investors including; Draper Nexus Ventures, Gabriel Investments, Galvanize Ventures, Foundry Group Angels, Tech Stars and DreamFunded.
DreamFunded CEO and Founder commented on the funding round;
“Notion provides home security and peace of mind for homeowners but I really admire Notion’s founders and their vision for the future of connected homes, said CEO, Manny Fernandez.
According to a report by MarketsandMarkets research the smart homes market will be worth an expected $58.68 billion by 2020 in which IoT product development is expected to be a key driver.
CEO Brett Jurgens recently stated they were on track for main backer fulfillments this summer. The product has been Dragon Certified creating a sense of assurance the product will ship on time and with promised features.
“The Kickstarter funds cover all the Kickstarter expenses, the tooling, all of that kind of stuff and for us, really, this new funding is to help support that launch and to help establish our efforts post our Kickstarter shipments,” he adds. Part of the new funding will go towards new hires in sales and marketing,” stated Jurgens.
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