Lantronix, Motorola invest in Xanboo home automation system
NEW YORK-Xanboo Inc., a developer of home automation technology, in late February announced that it had received investments from two companies that will allow Xanboo to build its in-home management system.
Lantronix Inc., a hardware and software provider for remote infrastructure management and network-enabling technologies, led a round of investing in the home automation company that raised $20 million in Series B Preferred Stock. Motorola Ventures, Motorola Inc.'s investment arm, and Virata Corp. were additional investors in the funding round.
"Since we began working with Lantronix and Motorola, we've discovered numerous synergies that will enable each company to enhance their existing product offering," said Jim Diamond, co-president of Xanboo. "Lantronix's and Motorola's investment in Xanboo will help us build on our existing Smart Home Management System, making it more robust and easy to integrate into almost any building or home network."
Lantronix Chief Executive Officer Fred Thiel said that his company invested in Xanboo because of its potential in the building and home automation markets, and the investment is intended to support Xanboo's ongoing technological developments.
Matthew Growney, Managing Director, Motorola Ventures, East, said that Motorola's participation in the investment round represents that company's focus on "areas that we believe are at the leading edge of consumer adoption."
Xanboo's Smart Home Management System features real-time video notification and device control that enables users to control and monitor their homes or business via the Internet.