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Boulder-based smart home solution Revolv announced yesterday a $4 million Series A round led by Foundry Group, with participation from American Family Insurance and others.
Armed with this additional funding (which puts their total amount raised at over $6 million), Revolv will focus on market validation heading into 2014 -- and then on expansion in the later part of the year, Mike Soucie, VP of marketing and sales, said.
"The initial three to six months will be about listening to our customers, their experiences and their feedback and quickly iterate on features to be sure we’re delivering the best product and experience,” Soucie said. “Then we’ll be working on expanding our reach and awareness building with retail pilots and possible volume opportunities with partners.”
Also in 2014, Revolv plans to beef up its 20-person team with seven to ten more hires in engineering, marketing and design roles. Expansion of the team will allow Revolv to introduce support of Android and continue updating support of other third-party home automation devices.
By supporting hundreds more devices in 2014, Revolv will position its smart home solution app to be the easiest way for homeowners to connect all their automation devices, Soucie said; Revolv pledges to continue adding support until able to connect over 95 percent of smart home devices.
“We will be providing continual free updates that will support more third-party devices, enhancements to the user interface and experience, as well as deeper device control and functionality,” Soucie said.
In addition to making a name for itself as a Colorado digital company, Revolv is also gaining traction as a manufacturer: its Hub product allows app users to wirelessly control their devices in their homes without an Ethernet cable. The Hub is assembled and manufactured in Frederick, something that the team will continue "here in the US for the foreseeable future until we hit scale.”
Revolv's team is amped up with Colorado entrepreneurial pride that spans both the digital and the physical realm, a pride that was surely attractive to Foundry Group, Soucie said: “They are every entrepreneurs dream VC to work with, as they have provided incredible feedback and guidance at every step of the business.”