Smart home security startup Boundary Technologies has completed a £1.7 million annual fundraiser, bringing the total amount secured by the firm so far to £3.9 million.
The Edinburgh-based firm is preparing for the official launch of its smart home security system in August this year.
Boundary said it will use the investment to complete product testing and to prepare for its post-launch operations.
The investment was raised from a range of private individuals, including unicorn founders and investment managers, the startup said. Additionally, a major construction firm also invested after identifying a “strategic fit” between the smart security systems and its new home projects.
In June, Boundary secured its final £90k tranche, demonstrating continued investor confidence amid a difficult period.
This latest funding boost marks the second significant investment in Boundary within the last year. In September 2019, Boundary secured £1.2m in funding from Equity Gap and the Scottish Investment Bank, the investment arm of Scottish Enterprise.
Commenting on the investment, CEO and co-founder Robin Knox said: “It became very clear from my discussions with investors over recent months that they like the space Boundary is operating in.
“We have worked hard to get to grips with the stringent regulatory framework that exists around the police response intruder alarm market and this is clearly a key strength of the Boundary model.”
Knox added: “Investors were also excited by our plans for the future of crime prevention, including our use of machine vision in the development of our external security camera.”
Alongside Knox, Boundary is spearheaded by Paul Walton. The duo previously disrupted the payments market with successful fintech startup, Intelligent Point of Sale (IPOS).
Founded in 2013, IPOS was sold to Swedish payments firm iZettle in 2016 and later acquired by Paypal.
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Offering ‘security as a service’, the Boundary said its home security system will become the only smart alarm capable of providing an automatic police response, and will also be the only “truly ‘smart’ alarm system” to meet both UK and European alarm standards.
The security system boasts sophisticated sensors, able to accurately detect intruders and ‘outsmart’ any known alarm tampering techniques. Using a combination of motion and door/window sensors, every room in the home can be monitored using the phone app.