iDevices Raises Additional Capital to Expand Market Leadership
AVON, CONNECTICUT (February, 12, 2015) – iDevices, the preeminent brand and development partner in the Internet of Things (IoT) market, has closed its Round C venture capital raise. Allegion, plc. (NYSE: ALLE), a leading global provider of security products and solutions, led the raise. Connecticut Innovations, an organization that helps Connecticut businesses grow through creative financing and strategic assistance, made a supporting investment in the capital raise by iDevices.
Allegion is making a significant equity investment in iDevices through Schlage Lock Company, forming a strategic alliance to expand its innovative footprint in the growing IoT market. Both Schlage and iDevices launched next generation connected home solutions at the 2015 International Consumer Electronics Show, Schlage SenseTM and the iDevices Switch. The partnership will amplify both companies’ impact on the market and connected home.
Allegion Senior Vice President and President of the Americas, Tim Eckersley, said the company would leverage iDevices’ technology platforms and IoT expertise to accelerate new product development for the future of home automation.
“Allegion is forging a path of innovation for IoT security products and solutions,” Eckersley said. “With our latest connected products like Schlage Sense and ENGAGE technology, we’re emphasizing the convergence of mechanical and electronic technologies to pioneer safety. A strategic investment in iDevices, a premier IoT brand, strengthens our expertise in that convergence. We will continue to provide value to our customers with locks that are both strong and intelligent.”
iDevices CEO, Chris Allen, agreed the two companies’ strategic priorities align. “This alliance has been a clear move for iDevices since the start of our relationship with Allegion. Both companies share a passion for bringing high-quality home products to market with a strong focus on creating unprecedented user experiences,” said Allen. “I truly believe this strategic alliance with Allegion marks a major step toward not only revolutionizing the connected home, but also emphasizing security in home technology with Allegion’s history of protection.”
This capital raise will support iDevices in continuing to bring leading connected home products to market. It will also be used to strengthen iDevices’ position for progressing partnerships with top home product companies for advanced IoT development.
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Founded in 2010 with the launch of the world’s first connected product, the iGrill, iDevices has emerged as a premier brand and development partner in the Internet of Things industry. iDevices aims to seamlessly connect users to their worlds with responsive products that enhance everyday life. Through the unique collaboration of its in-house team of 60 employees, iDevices is able to create products that are intelligent at their core. For more information, visit www.idevicesinc.com.
Allegion (NYSE: ALLE) creates peace of mind by pioneering safety and security. As a $2 billion provider of security solutions for homes and businesses, Allegion employs more than 8,000 people and sells products in more than 120 countries across the world. Allegion has more than 25 global brands, including strategic brands CISA®, Interflex®, LCN®, Schlage® and Von Duprin®. For more information, visit www.allegion.com.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is the leading source of financing and ongoing support for Connecticut’s innovative, growing companies. To maximize the growth potential of each business, CI tailors its solutions and often combines its funds with resources from other financial leaders to provide venture capital and strategic support for early-stage technology companies; flexible loans for established companies with new innovations, grants that support innovation and collaboration and connections to its well-established network of partners and professionals. Through all these initiatives, CI has helped bring $4 billion in financing to Connecticut companies. The state’s most active early-stage investor, CI has created more than 26,000 jobs. For more information on CI, please visit www.ctinnovations.com.
Max Borges Agency