DENVER, June 2, 2016 /PRNewswire/ -- Notion, the first
company to offer a complete IoT home awareness system, announced
today that it has secured $3.2
million in seed funding from XL Innovate, Liberty Mutual
Strategic Ventures, the strategic venture capital arm of Liberty
Mutual Insurance Global Consumer Markets' business, and other
investors. The funding will accelerate Notion's go-to-market as the
company delivers on its mission to provide millions of homeowners
with safety, peace-of-mind and cost savings through an elegant and
cost-effective IoT solution. As part of the financing
round, Martha Notaras, a partner at XL Innovate, will join the
Notion board of directors.
Notion provides complete home awareness via a system of
smart sensors that go far beyond expensive, limited, home security
systems and complex do-it-yourself offerings. Notion's initial
product is a small, multi-function sensor that provides eight
powerful capabilities, including recognition of doors or windows
opening, water leaks, temperature changes, smoke alarms going off
and much more. A Notion home monitoring system can be up and
running within five minutes or less and sends alerts to homeowners
via a mobile app. The Notion system is available on both iOS and
Android platforms.
Traditional home security systems cost on average $2,500 over the required three-year contract
period. Meanwhile, most do-it-yourself alternatives are overly
complicated, resulting in a poor user experience and inadequate
coverage. While insurance companies already provide discounts for
security systems, the second leading cause of insurance claims is
actually water leaks, causing an excess of $8 billion in losses every year (Source: ISO®, a
Verisk Analytics® business). Prices for Notion start at just
$129, and the system detects both
unauthorized intrusions as well as water leaks.
"For years, people have been able to receive discounts on their
homeowners insurance by installing a security system.
However, these systems typically come with high costs,
long-term contracts, and minimal functionality resulting in only
about 20 percent adoption in the US," said Brett Jurgens, co-founder and CEO of Notion.
"Our goal is to provide the remaining 112 million homeowners
without a security system, with the smartest solution to protect
their homes and families. We want to bring the promise of IoT to
all homeowners by addressing their biggest needs in a readily
accessible and affordable package."
Notion's promise has resonated strongly with homeowners looking
for a cost effective and elegant solution to their security,
surveillance, or detection needs. The company has demonstrated
impressive momentum, having already sold over $500,000 worth of devices and shipped all of its
crowdfunded preorders as of May
2016.
"By bringing a super smart and simple IoT solution to
homeowners, Notion can change both a homeowner's experience as well
as transform the property insurance industry," says Martha Notaras, Partner at XL Innovate. "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."
Notion is headquartered in Denver,
Colorado and is currently selling its products in the US,
Canada and parts of Europe.
About Notion:
Notion provides complete home awareness through a single
multi-function sensor and mobile apps. Notion's system is a
cost-effective security, water leak detection and home energy
management system that empowers people to monitor what they want,
when they want, all from their mobile phones. Notion's mission is
to change the awareness homeowners have into their homes and
neighborhood. For more information and to stay up to date, visit
http://www.getnotion.com.
About XL Innovate:
XL Innovate is a venture capital fund focused on investing in
companies that address the world's most complex risks with new
technologies and products for the insurance industry. XL Innovate
provides companies with equity capital, unparalleled experience in
building new ventures in this specific space, and access to XL
Catlin's global insurance expertise and underwriting. To learn
more, visit www.xlinnovate.com.
About XL Group plc:
XL Group plc (NYSE:XL), through its subsidiaries and under the
XL Catlin brand, is a global insurance and reinsurance company
providing property, casualty and specialty products to industrial,
commercial and professional firms, insurance companies and other
enterprises throughout the world. Clients look to XL Catlin for
answers to their most complex risks and to help move their world
forward. To learn more, visit www.xlcatlin.com.
Notion
Henry
Springer
Head of Marketing
henry@getnotion.com
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SOURCE XL Group