DENVER, June 13, 2017 /PRNewswire/ -- Notion, the complete home awareness solution powered by an all-in-one IoT smart home sensor, today announced that it has secured $10 million in Series A funding. Led by Draper Nexus and TransLink Capital, with additional participation from existing investors XL Innovate, Mesh VC and others, the latest round brings Notion's total funding to approximately $15 million since its launch in 2013.
Notion, which has partnered with three of the top five home insurance providers in the country to offer a cost-effective loss mitigation system and home telematics solution, will use the new funding to expand those existing partnerships, as well as pursue new relationships with leading property insurers. The capital will also support product development and manufacturing, increased marketing efforts, and critical hires across the company's engineering, data science and marketing departments.
"At Notion, it's our mission to build products and services that give homeowners peace of mind and ultimately empower them to live better, more present lives. That's what complete home awareness means to us," said Brett Jurgens, Co-Founder and CEO of Notion. "This additional funding will allow us to amplify our relationships with insurance companies, and we're excited to work alongside these partners to build more positive connections with homeowners and reward them with reduced insurance costs."
Homeowners have plenty of options when it comes to home monitoring solutions, but most of them fall into two categories: traditional, expensive security companies that require a hefty monthly fee and long-term contract, or more complicated DIY solutions that are limited to a single use.
Notion's low-cost and easy-to-install sensors pack eight capabilities into a single device. Each sensor is identical and multi-functional, which means homeowners can place them in different spots around their home depending on what they want to monitor. From doors opening and closing, to observing temperature, to detecting water leaks or a sounding alarm, Notion enables homeowners to customize notifications sent to their Android or iOS smartphone for peace of mind across their whole home. In the last year alone, the company has sent more than four million notifications and has saved homeowners across the country over half a million dollars in property damages.
In addition to leading the round, Mitch Kitamura, Managing Director at Draper Nexus, and Toshi Otani, Co-Founder and Managing Director at TransLink Capital, will join the Notion board of directors.
"Through purposeful insights and notifications, Notion is helping homeowners make more informed security, safety and maintenance decisions, ultimately transforming the relationship people have with their homes," Kitamura said. "And for insurance providers, installing Notion in homes across the country is simultaneously transforming the relationships they have with their customers—creating an opportunity for them to positively engage with their policyholders, and receive unmatched access into the behaviors and activities happening inside those homes."
"Looking at the automotive and healthcare industries, we've already seen the success of IoT devices disrupting insurance practices," Otani adds. "We believe Notion has uniquely cracked the code to providing the necessary scale and granularity of data that property insurers need to reduce losses, define the characteristics of a safe property owner, and inform underwriting practices. We're excited to work with Notion to materially change the way the insurance industry operates."
Notion is headquartered in Denver, Colorado and is available in the US and Canada. For more information, visit www.getnotion.com.
Notion is the complete home awareness solution, powered by an all-in-one smart home sensor, that sends alerts to a homeowner's mobile device for the things they care about most — water leaks, smoke alarms, temperature changes and doors, garages and windows opening and closing. Notion is more than home security. Notion delivers real-time peace of mind. For more information, please visit http://getnotion.com/
About Draper Nexus
Draper Nexus is a US-Japan cross border venture capital firm based in Silicon Valley and Tokyo focused on investments in Enterprise Technology, Industrials and Sustainability startups. We are a financial investor with corporate backing combining the best of the worlds of traditional and corporate venture capital. We leverage our strong network of C-level executives at large Japanese conglomerates to enable business and customer development opportunities for our portfolio companies. Follow us on Twitter @DraperNexus.
About TransLink Capital
TransLink Capital invests in seed, early, and expansion stage U.S. based technology startups that can benefit from the firm's long-standing relationships with leading Asian technology, Internet, electronic manufacturing services, and telecommunications services corporations in Greater China, Japan, and South Korea. TransLink's primary focus is on Series A investing and selectively invests in seed and later stage companies.
Barokas PR for Notion