Home automation systems company closes door on $15M financing
September 9, 2004
DRAPER, Utah - A syndicate of venture capital firms, including two existing investors, have demonstrated their certainty in the home automation market through a $15 million investment in start-up 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 Control4's technology can be used to prevent intrusion and not just notify people when forced entry occurs.
Once installed at a residence, the company's technology enables homeowners to program every light in the house to turn on when an intruder 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.
For more on this story, see the October issue of Security Systems News.