Home automation company closes on $15M financing
DRAPER, Utah - A syndicate of venture capital firms, including two existing investors, have demonstrated their certainty in the home auto-mationÃ‚Â market through a $15-millionÃ‚Â investment in start-up company Control4.
Frazier Technology Ventures, a new investor in the company, led the funding round, followed by existing investors Thomas Weisel Venture Partners and vSpring Capital. The company, which was founded in March 2003, will use the proceeds for sales, marketing and working capital.
Ã¢â‚¬Å“Integration with alarms systems is a huge lifestyle benefit,Ã¢â‚¬Â said Will West, co-founder and chief executive officer of the company. West said Control4Ã¢â‚¬â„¢s technology can be used to prevent intrusion and not just notify people when forced entry happens.
Ã¢â‚¬Å“We would like to think we make homes more secure,Ã¢â‚¬Â said West.
Once installed at a residence, the companyÃ¢â‚¬â„¢sÃ‚Â technologyÃ‚Â enables homeowners to program every light in the house to turn on when an intruder tries to break in. This feature, explained West, increases the effectiveness of an alarm system because the technology enables immediate reaction at the location, rather than a signal being sent to a monitoring station.
In addition, the companyÃ¢â‚¬â„¢s products can be used to establish boundaries on a homeownersÃ¢â‚¬â„¢ property. One feature could include the sound of barking dogs transmitted through a speaker when someone approaches the home.
Outside of pure security applications, Control4Ã¢â‚¬â„¢s products can be programmed to turn off appliances, such as gas fireplaces, when the home is left unattended by the homeowner.
Control4 officially launched in early September at the Custom Electronic Design and Installation Association Expo. The company will begin shipping products in November, and it will sell its products through a network of dealers and professional installers.