Richmond Capital Partners, a private investment firm based in Seattle, acquired Smartlabs Inc., the parent company of Insteon, an Internet of Things (IoT) technology company, and Smarthome, an eCommerce superstore for home automation.
Richmond Capital Partners provided the company with $7.3M in funding to accelerate its growth in the IoT industry
As part of the acquisition, Rob Lilleness will assume the role of chairman and CEO.
Lilleness has built multiple high-tech businesses in digital media, mobile, software and consumer products. Most recently he served as president and Chief Executive Officer for Medio Systems, an Accel-backed company, which was acquired by HERE Technologies (a company currently owned by BMW, Daimler, Audi, Intel, and Tencent). Prior to Medio, Lilleness was president and chief operational officer of Universal Electronics.
Founded in 1992, Smartlabs is the parent company of Insteon and Smarthome. Insteon creates patented dual mesh technology for electrical, lighting, and sensor communication and control used in more than 200 products which enable consumers to control their homes from virtually any device or interface.
Smarthome is a home automation retailer for thousands of lighting, security, and home entertainment products.
Following the deal, Smartlabs’ headquarters will remain in Irvine, Calif., with plans to open a software development office in Seattle.