Edinburgh start-up to launch revolutionary home security system after raising almost £4m
An Edinburgh-based start-up is gearing up to launch its revolutionary smart home security system next month after completing a multi-million-pound fundraising.
Boundary Technologies claims to have developed the only smart alarm in the UK accurate enough to provide an automatic police response, with its “smart” system meeting UK and European alarm standards.
The firm has completed a £1.7 million fundraising programme in 2020, bringing the amount secured so far to £3.9m.
It is preparing for the official launch of its security system during August, and will use the funding to complete product testing and back its post-launch operations.
The money was raised mainly from private individuals, including unicorn company founders and investment managers, in addition to a major unnamed construction firm that is said to have identified a “strategic fit” between the smart security system and its new home projects.
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Boundary was founded by Robin Knox and Paul Walton, the duo behind intelligent payment system IPOS, which was acquired by Swedish firm iZettle in 2016, itself later acquired by online payment giant Paypal.
Knox, co-founder and chief executive of Boundary, said: “It became very clear from my discussions with investors over recent months that they like the space Boundary is operating in.
“We have worked hard to get to grips with the stringent regulatory framework that exists around the police response intruder alarm market and this is clearly a key strength of the Boundary model.
“Investors were also excited by our plans for the future of crime prevention, including our use of machine vision in the development of our external security camera.”
The final £90,000 tranche of this year’s investment round was closed in June, “demonstrating continued investor confidence”, the firm said, and bringing the total funds raised so far this year to £1.7m, including grant and loan components.
This takes the total funds raised by the fledgling business since its inception to £3.9m.
Knox and Walton pushed the button on Boundary after identifying a gap in the market for a smart home security system that offered flexibility and connectivity at a reasonable cost. The pair started to explore how technology could disrupt the market for traditional hard-wired burglar alarms.
The system boasts sophisticated sensors, able to accurately detect intruders and “outsmart” any known alarm tampering techniques.
Using a combination of motion and door and window sensors, every room in the home can be monitored using the system’s phone app. This avoids the use of CCTV, ensuring the user’s privacy is protected. The device also claims to be easy-to-install and portable.
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