SmartThings builds an open smart-home platform that connects devices, developers, and consumers to let people monitor and control their homes via smartphone. The company was founded in 2012 after founder Alex Hawkinson developed the idea following a household incident. Early validation came from a Kickstarter campaign that raised $1.2M from over 5,600 backers (the campaign hit $100k on day one). The firm later raised additional capital, including a $12.5M round led by Greylock and Highland Capital Partners. By the time of acquisition the product was installed in "tens of thousands of homes" and the team planned to remain operationally independent. SmartThings announced a move of its headquarters to Palo Alto and intent to continue expanding its developer and device ecosystem with Samsung's support. SmartThings develops a connected-home platform and starter kits (including a Smart Hub and companion devices) that let users monitor and control household items remotely through mobile apps. The company opened its developer toolkit and runs an online shop so third parties can build devices and apps on its platform; roughly a thousand apps and devices already leverage its technology. SmartThings began with a Kickstarter campaign to fund its starter kit and currently sells products through its online store and Amazon. Management plans to expand the product portfolio, increase distribution into more online and offline retailers, and grow mass‑market adoption of both devices and developer-built apps. The funding announced in the article will support those distribution and product efforts. The company has raised $15.5 million in total to date. SmartThings builds an open platform that lets developers and makers connect and control everyday objects (locks, lights, sensors) via apps and a core smart hub. The company emphasizes an “open physical graph” approach to enable multiple device makers and apps to interoperate within a single ecosystem. It has attracted more than 1,000 developers and makers to its platform and previously raised $1.2M through a Kickstarter campaign. SmartThings is partnering with hardware projects such as Instacube and positions packaged SmartApps and device combos as consumer-ready solutions with no professional installation required. The company plans to use seed funding to grow its developer and maker community, including launching the SmartThings Developer and Maker Competition with $100,000 in prizes to spur innovation. Winners will receive cash, investor exposure, media coverage, manufacturing and design consulting, and placement across the SmartThings customer base.

Total raised

$16M

Funding rounds

3

Latest round

Series A

Latest activity

Nov 2013