Fresh VC will allow Revolv to add employees
Last Updated: 15:48 November 26, 2013
The Boulder-based startup said in a press release that the funds will be used for product development and the expansion of market distribution into retail channels.
Revolv has 18 employees, and spokeswoman Kathryn Kelly said the latest infusion of funding will help ramp that number up to about 30 over the next six months or so.
Revolv earlier this month began shipping its Smart Home Solution wireless hub that allows users to control their smart-home features like thermostats, garage door openers and entertainment systems with a single app on their iPhones. The hub, app and lifetime subscription to the service cost $299, and can be purchased on Revolv's website and Amazon.com.
"After receiving such positive responses from customers with our initial shipments earlier this month, we are very excited to continue the momentum and drive further market adoption of Revolv," chief executive Tim Enwall said in a press release. "This latest round of funding will help us further meet consumer demands to provide a unifying and simple solution to make their smart home even smarter."
The funding round follows a $2.7 million round of seed funding received by the company in 2012. In August, the 2012 TechStars Boulder graduate moved from 2060 Broadway to a larger space at 1155 Canyon Blvd.
"It is very impressive what the Revolv team has accomplished in getting the product to market in a short timeframe and with seed funding," said Ryan McIntyre, a managing director at The Foundry Group. "The global smart-home market is projected to grow to over $9.2 billion by 2017, and we believe Revolv's unifying solution has what it takes to be successful in the market."
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