iControl gets $23m from ADT, GE Security, Cisco
By Martha Entwistle, managing editor
PALO ALTO, Calif.--In a deal that brings together some heavy hitters from in and around the security industry, home management software company iControl on July 22 announced $23 million in series C funding.
The deal involved new investments from ADT, Cisco, Comcast Interactive Capital and GE Security, along with continued investment from Charles River Ventures, Intel Capital and Kleiner Perkins Caufield & Byers iFund. This deal brings total venture and strategic capital funding to $45 million.
"The market for [this technology] has accelerated dramatically," said Paul Dawes, CEO of iControl. The company had intended to hold off on a C round of funding, but because of the momentum behind the technology "we felt it was appropriate to take more money to grow out the business."
IControl's software is used to tie security and other home management solutions together to enable homeowners to see and control home systems including security and energy management systems.
The company had previously announced partnerships with service providers ADT, Monitronics and Voxcom. Dawes said iControl is working with about a dozen service providers. ADT and others will be rolling out its iControl systems in the last quarter of this year and the first two quarters of 2010.
Look for more partnership announcements in coming months, Dawes said, which will likely include broadband providers who are interested in "leveraging the 25 million cable subscribers" and offering them security and home management as their "newest bundled service."
While Intel is "a very active venture investor in all areas of information technology [and] home networking technologies," the company's investment in iControl is among its first home security or home management investments, said Mike Buckley managing director for Intel. Buckley said Intel is "really excited about the iControl team and technology platform and also the great addition of new investors and partners that iControl has signed up and has in the pipeline."
Dawes said iControl's market research indicates keen and widespread interest in quick, easy-to-use video offerings tied into home security and home management. His company is working on extending and refining its video offerings. It's also working more on its home energy management components. However, before any of that comes to fruition, Dawes said, iControl is concentrating on "getting the technology in the home ... We've got to get the first piece right. Once we do that, there will be a lot more opportunities."