Minut, a Malmö, Sweden-based smart home alarm startup, raised $8m in Series A funding.
The round, which brought total amount of funding to over $10m, was led by KPN Ventures with participation from new investor international energy and services company Centrica and previous backers Karma Ventures, SOSV, and Nordic Makers.
The company intends to use the funds to accelerate growth across markets and to strengthen the product portfolio.
Co-founded by Nils Mattisson, CEO, Marcus Ljungblad, Head of Growth; Martin Lööf, Head of Manufacturing, and Fredrik Ahlberg, Head of Research, Minut provides a smart home alarm that is camera free and contains sensors detecting motion, noise, temperature, humidity and the risk of mould while machine learning is used to analyze data on each device in real time.
How it works:
– once the app is downloaded onto a phone and the device connected to a home’s Wi-Fi, the unit will begin working.
– instead of recording and sending data for back-end analysis, Minut’s advanced machine learning technology instantly analyses and identifies key events (eg. a breaking window) within the unit.
– if Minut detects something out of the ordinary, the user is notified via an alert sent to their phone.
– users can customize thresholds, so alerts are only sent when they are deemed necessary.
The company, which employs nearly 30 people across offices in Malmö (HQ), Stockholm and London, has already sold more than 10,000 units in 60 countries and counting.