Notion Raises $10 Million to Take Smart Home Awareness Mainstream
Staff Writer | June 13, 2017
Notion, a home awareness solution powered by an IoT smart home sensor, announces it has secured $10 million in Series A funding. Led by Draper Nexus and TransLink Capital, with additional participation from existing investors XL Innovate and Mesh VC, 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,” says 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 care about. From doors opening and closing, to monitoring 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, Notion has sent more than four million notifications and has saved homeowners across the country more than 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.
“By putting Notion into homes across the country, insurance companies have unlocked an opportunity to positively engage with mainstream consumers via smart home technology,” says Kitamura. “In return, Notion offers insurance companies unmatched access into the behaviors and activities happening inside the home. From reducing loss, to defining the characteristics of a safe property owner and informing underwriting practices, Notion’s wealth of data has the potential 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.
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