DENVER — Notion is making waves in the smart home space and it has $3.2 million in venture funding to show for it.
The company, based here, has released a small, multifunction sensor that can recognize a number of threats to one’s home and send alerts to users wherever they are. The funding came from XL Innovate and Liberty Mutual Strategic Ventures, which Notion will use toward expanding on the Internet and in retail.
Here’s an excerpt from a Venture Beat report on the smart home sensors:
The sensor can recognize water leaks, the opening of doors and windows, temperature changes, smoke alarms going off, acceleration and motion (for movement, like an earthquake), light changes, natural frequency, and angular rate. These sensors can detect whether a door or window has been broken, for example, or whether anything else is amiss.
The product is said to rival Google Nest. Each sensor starts at $129, according to the report.
Part of the appeal for investors is the effect the sensors could have on the insurance industry. “By bringing a super smart and simple [Internet of Things] solution to homeowners, Notion can change both a homeowner’s experience as well as transform the insurance industry,” said Martha Notaras, a partner at XL Innovative. “Simple, reliable sensors that are easily deployed and capable of capturing relevant data can lead to a significant prevention of property damage. Homeowners benefit by having 24/7 insight into the health of their home and insurers can offer loss reduction initiatives. It’s a win-win.”
