NEW YORK, June 1, 2016 /PRNewswire/ -- LinkBee, a young technology company taking a radical approach to the smart home (Internet of Things), today announced that they have closed a $6 million seed round co-led by Pegasus Capital Advisors and Loeb Enterprises. The funding will be used to accelerate LinkBee's product development and team expansion in the Bay Area.
Founded in early 2015, LinkBee has rapidly grown, acquiring top level talent and developing cutting-edge hardware, despite revealing very little about their emerging platform.
"In a very short time we have assembled a truly world class team, one that is passionate about creating a meaningful and democratized smart home platform for the mass market. This infusion of capital is a testament to the impressive progress that our team has made and the unique approach that we are taking to this evolving market," said Dr. Jason Slosberg, CEO of LinkBee.
While LinkBee is not yet disclosing details about their technology, their end-to-end system is centered around proprietary LED light bulbs and sensors. Leveraging environmental feedback and intelligent, self-learning algorithms, LinkBee's bulbs operate symbiotically to enhance the home environment -- enabling customers to live healthier and safer lives while saving money.
LinkBee emerged from an unprecedented collaboration between Pegasus Capital and Loeb Enterprises. Both partners bring distinct domain expertise and influential portfolios to help overcome the challenges facing the smart home market -- Pegasus Capital Advisors, a private equity group focused on investing in globally impactful and sustainable businesses, and Loeb Enterprises, a direct marketing leader and tech incubator.
"Our firm is passionate about investing in technology-driven businesses on the intersection of energy efficiency and health & wellness. LinkBee is a great fit with our deep experience in this space and is highly complementary to the rest of our portfolio," said Joel Haney, Vice President at Pegasus Capital Advisors.
LinkBee plans to deploy their market-ready solution in select cities later this year and will launch nationally in 2017.
LinkBee is redefining the smart home with an end-to-end solution that they install for the customer. Starting with connected light bulbs, they provide the home with true intelligence through a neural network that constantly improves customers' surroundings. Via LinkBee's proprietary, self-learning system, customers will enjoy better health, a safer home, and meaningful energy savings. LinkBee was founded in 2015 and is headquartered in both Manhattan, New York, and Sunnyvale, California. For more information, please visit www.linkbee.com
About Pegasus Capital
Pegasus Capital Advisors is a private-equity fund manager that has been providing creative capital and strategic solutions to companies across a variety of industries since 1996. Pegasus partners with management teams of growth companies, with a focus on those that benefit from the business implications of global resource scarcity. Currently managing $1.7 billion in assets, the team is comprised of investment professionals working alongside operating and strategic advisors.
About Loeb Enterprises
Loeb Enterprises is a direct-marketing leader whose founders possess deep experience and expertise in influencing consumer behavior – resulting in successful business ventures such as Synapse Group and Priceline.com. Their latest venture, Script Relief, has revolutionized the prescription medication industry with a free-to-consumer pharmacy discount card that has already saved Americans millions on prescription medications.
Director of Business Development