“Smart lock” company raises $8M in Series A funding round
The Internet of Things, which is helping bring robotics and various related technologies to the masses, is increasingly entering our homes. After last week’s announcement of a substantial infusion of capital at start-up SmartThings, the latest example comes from home automation company August, which today reported $8 million in Series A funding.
The company’s flagship product is the August Smart Lock, a Bluetooth low energy-enabled lock that allows users to send virtual keys to anyone with a smartphone. The device also senses when a door is closed behind you and automatically locks. It was first introduced earlier this year at the D: All Things Digital conference.
August will use the Series A round to expand its team and bring the lock to market in spring 2014.
“At August, we’re dedicated to building elegant and seamless home automation solutions,” CEO Jason Johnson said in a statement. “With distribution of our smart lock on the horizon, we will leverage this financing and our new partners to perfect the August consumer experience and scale our operations in advance of shipping.”
The round was led by venture capital firm Maveron with participation from Cowboy Ventures, Industry Ventures, Rho Ventures and SoftTech VC. The company had previously raised $2 million in seed funding from a variety of angel investors and entrepreneurs. Maveron’s venture partner David Wu will also join the August board of directors.
“Over the next decade, the Internet of Things will bring millions of connected devices into homes. But the few that emerge as new iconic brands will be the ones that most effectively blend standout utility with world class design,” Wu said in a statement. “The August Smart Lock merges beauty and simplicity to create a magical experience for consumers. It is a privilege to invest in Jason and his vision for the connected home.”
The Smart Lock is currently available for pre-order with delivery expected sometime in the spring.
[ photo courtesy of August ]