Vivint Scores Big Investments From PayPal Cofounder Peter Thiel and Mitt Romney

The smart home company raised $100 million in the round of venture capital funding.

Vivint raised $100 million in its first-ever round of venture capital funding, and the leaders of the investments are names you’ve probably heard of.

PayPal cofounder Peter Thiel and Solamere Capital, a venture firm cofounded by Mitt Romney and his son, Tagg, co-lead the round of funding, according to Business Insider. Those are some particularly heavy hitters to be investing in a smart home company.

“For Peter and Solamere to place their confidence in Vivint as the smart home leader is a huge validation of what we have built and where we are headed,” says Todd Pedersen, founder and CEO of VivintSmart Home. “The fact that they are investing in our future demonstrates their passion for our business and their vision for this industry. We look forward to working together to redefine the home experience.”

Vivint prides itself on being a service, not a product. For a monthly payment of $54, Vivint’s team will install any number of smart home devices, from lights, thermostats, door locks and others. All of the devices are controlled on the Vivint Sky smartphone app.

“We don’t sell a piece of hardware and walk away,” Pedersen says.

Pedersen was inducted into the SSI Industry Hall of Fame this year.

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