Notion obtained $3.2 million in venture funding to bring much needed innovations in the home monitoring and security market. The Denver-based company plans to expand on the web and in retail to reach out to more homeowners. The funding from XL Innovate and Liberty Mutual Strategic Ventures will also help it stay ahead of rivals by creating a complete system of smart sensors.
Notion’s initial product is a small multi-function sensor that can detect water leaks, temperature changes, opening of doors and windows, and light changes. The home monitoring system can be set up within five minutes or less and can send alerts in real-time through a mobile app available on both iOS or Android.
The sensor is valued at $129 with discounts for multiple purchases. In comparison, a traditional home security system on average can cost as high as $2,500. “These systems typically come with high costs, long-term contracts, and minimal functionality, resulting in only about 20 percent adoption in the US,” said Brett Jurgens, cofounder and CEO of Notion.
Notion has already shipped 10,000 pre-ordered units around the U.S. and has sold $500,000 worth of devices as of May 2016.
