An Edinburgh home security firm has landed a seven-figure investment to create jobs and gear up for the launch of its smart alarm system.
Boundary, a venture established by entrepreneurs Robin Knox and Paul Walton, the duo behind intelligent payment system IPOS, has scooped more than £1.2 million to prepare for its product roll-out.
The tech firm will use the funds to create jobs in software development, customer support and marketing at its Edinburgh head office, which will soon move to a new base at WeWork.
It will also help to finalise Boundary’s product development, ensuring its smart home alarm system is ready for its official commercial launch in 2020.
Co-founder and chief executive Knox said: “This has come at a crucial time as we move towards our official launch next year. We are always eager to support Scotland’s thriving tech scene and this cash injection will enable us to do just that by creating numerous tech roles in Edinburgh.
“We fully believe that our accessible, affordable smart home alarm will make waves within the UK’s home security market.”
The funding, from Scottish angel firm Equity Gap and the Scottish Investment Bank, the investment arm of economic development agency Scottish Enterprise, comes hot on the heels of Boundary’s recent crowdfunding campaign on Kickstarter, which saw the firm reach its £50,000 target in under 48 hours.
Investment raised from this campaign is currently being used to certify Boundary’s product to the British and European standards for intruder alarms.
Knox added: “We were immensely pleased with the success of our Kickstarter campaign back in June. The support we received gave us the validation we were looking for that our product is something that people want and need.”
The company has developed the system with experts who designed products for the likes of Bosch, Ericsson and Flymo.
Customers can control Boundary’s security technology using a mobile phone app, similar to Hive central heating controls or Sonos music systems, or through digital assistants such as Amazon’s Alexa and Google Home.
It can be integrated with the Philips Hue lighting system, so that lights are switched on automatically if an intruder is detected.
The business also offers alternatives to the smartphone or digital controls, such as a traditional alarm code or a key fob, as well as additional services including a monthly subscription featuring 24-hour monitoring with police response.
Knox and Walton’s IPOS venture, also based in Edinburgh, was acquired by Swedish payments firm iZettle in 2016, which in turn was subsequently sold to PayPal last year for £1.6 billion.
Fraser Lusty, director at Equity Gap, said Boundary had developed “a consumer-focused, digitally smart, next generation security system and business model for a market ripe for disruption”.
He added: “Their customer acquisition, and service, skills are a big factor in our involvement and we look forward to working with the team through the launch phase.”