A SMART home security start-up has secured investment of £3.7 million to help its expansion after its first product launch – including £1.5m from Gareth Williams, co-founder of travel giant Skyscanner.
Edinburgh-based Boundary launched its first product – a DIY smart home security system – in March, using cutting-edge technology to solve the problems of traditional alarm systems, and disrupted the sector.
Their solution is constantly evolving, and this week an in-app panic alarm function that activates the outdoor siren has just been released, as well as integrations for Google Home, Alexa and IFTTT.
The funds raised will be used to expand the already rapidly-growing business over the coming 18 months by increasing the team numbers and the business while further developing the product and its technology.
As well as developing the crime information sharing network, Boundary is immediately doubling its team from nine to 18, three of whom will be responsible for the delivery of the network, with other roles in design, development and community management.
Amid the expansion, the company’s primary focus centres on the growth of the alarm system, while the development of an artificial intelligence (AI) camera system will continue into 2021.
Homeowners are becoming increasingly tech-savvy and smart technology is an appealing prospect for many.
Recent research has shown that almost a third (32%) of Scottish homeowners were considering installing smart security cameras, while 19% were also looking at using smart locks.
The £1.5m investment from Williams represents his biggest angel investment to date, while the remainder of the funds come courtesy of existing Boundary shareholders Scottish Enterprise and Equity Gap.
Founders Robin Knox and Paul Walton, and chairman Richard Lewis, are also investing substantial sums of their own money.
Boundary CEO Knox, said: “This is hugely exciting news and is a change of trajectory from our original, more modest ambitions – we are now set on the path for Boundary to become a top-tier European home security business.
“To have someone with the calibre of Gareth giving our product his backing and mentorship is incredible; we have massive plans for the future.”
Scottish Enterprise has supported Boundary from an early stage, with advice and grant support in addition to investment.
Their interim director of growth investments, Jan Robertson, said: “Bringing Gareth on board is a boost for Boundary’s founders whose proven entrepreneurial track record has been a major factor in the remarkable growth enjoyed by the business already.
“We look forward to continuing to work with the company as it develops its products, attracts further investment and breaks into new markets.”
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