June 2, 2016
Today, Denver,CO-based Notion, the Internet of Things home awareness system provider, is announcing the successful close of their $3.2M seed round. The company plans to use the capital injection to further commercialize their offering, which is said to already have 10,000 units in homes. In stage two of their program, Notion will be made available on ecommerce sites and through partners.
The seed is led by XL Innovate and Liberty Mutual Strategic Ventures. XL has made two other early stage investments in the past year, both primarily focusing on insurance startups. With the addition of Notion to their lineup, smart sensors could play a role in reducing insurance costs for homeowners. As part of the financing round, Martha Notaras, a partner at XL Innovate, will join the Notion board of directors.
“For years, people have been able to receive discounts on their homeowners insurance by installing a security system. However, these systems typically come with high costs, long-term contracts, and minimal functionality resulting in only about 20 percent adoption in the US,” said Notion cofounder and CEO Brett Jurgens. “Our goal is to provide the remaining 112 million homeowners without a security system, with the smartest solution to protect their homes and families. We want to bring the promise of IoT to all homeowners by addressing their biggest needs in a readily accessible and affordable package.”
Unlike many other home IoT solutions, Notion’s sensors are multi-functioning and allow users to be alerted of everything from water leaks, temperature changes, smoke alarms, and more. They can also track when windows and doors have been opened, acting as a security component. According to a company statement, it takes around five minutes to setup Notion. The system is priced to start at $129, offering alerts for intrusions and water leaks for its most basic system.
“By bringing a super smart and simple IoT solution to homeowners, Notion can change both a homeowner’s experience as well as transform the insurance industry,” says XL Innovate Partner and now board member Martha Notaras. “Simple, reliable sensors that are easily deployed and capable of capturing relevant data can lead to a significant prevention of property damage. Homeowners benefit by having 24/7 insight into the health of their home and insurers can offer loss reduction initiatives. It’s a win-win.”
Notion is the successful result of a Kickstarter campaign where they raised more than $281,000 across 1,338 backers.
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