SmartThings raises USD12.5 million in Series A funding
Tech startup SmartThings collected USD12.5 million in a Series A funding round led by Highland Capital and Greylock. The new funding would be used to improve the company's product and expand its business beyond its present reach, according to a report published by VentureBeat.
SmartThings is a company that manufactures a hub that allows smart devices to communicate with each other. At USD300, the hub paves the way for a connected home with cross-compatibility between every gadget, the report said.
At present, SmartThings retails its product on Amazon and its company site. CEO Alex Hawkinson said in a blog that the startup would use the new round of funding to gain more retail outlets. Hawkinson also said SmartThings would continue to pursue its vision to become the ultimate open platform for all devices, VentureBeat reported.
Hawkins said on the SmartThings blog: "We will continue to embrace and expand upon the thousands of developers, device makers, and service providers who are committed to working together to make the world smarter," the report stated.
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