Smart home security start-up, Boundary Technologies, has secured a £3.7m investment following the successful launch of its first product.
The Edinburgh-based start-up launched its first product in March – a DIY smart home security system – using cutting edge technology to solve the problems of traditional alarm systems and disrupt the sector.
The funds raised will be used to expand the already fast growing business over the coming 18 months, by growing the team and the business while further developing the product and its technology, all with the view of supporting a further, more ambitious investment round in the future.
Part of the expansion involves developing Boundary’s local crime information sharing network, with the additional benefits of leveraging data streams from any connected Boundary alarm system. In addition to developing the crime information sharing network, Boundary is immediately doubling its team from 9 to 18. Three of these will be responsible for the delivery of the network, while roles in design, development and community management are also being filled.
Amid expansion, Boundary’s primary focus this year centres around the growth of the alarm system, while the development of an AI camera system will continue into 2021.
The £1.5m investment from Skyscanner’s Gareth Williams represents his biggest angel investment to date, while the remainder of the funds comes courtesy of existing Boundary shareholders Scottish Enterprise and Equity Gap.
Founders Robin Knox & Paul Walton and Chairman, Richard Lewis, are also investing a substantial sum of their own money each in this investment round.
Commenting on the investment, Robin Knox, CEO of Boundary 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.”