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IOT Startup Notion Draws 3.2 Million in Additional Funding

TechCrunch TechCrunch 2/06/2016 John Mannes

Notion, a connected home startup headquartered in Denver, closed 3.2 million in additional funding as part of the second tranche of a previous seed round from last year.

XL Innovation led the deal with Liberty Mutual Strategic Ventures participating. Notion has now raised a total of 5.7 million dollars in addition to a successful Kickstarter. The company currently has 11 employees and has plans to expand to 25-30 over the next year.

Notion is pushing up against traditional home security systems and the DIY home security industry with its simple, low-cost, highly customizable sensors.

Using the power of mobile devices, the very small sensors can be placed in a wide range of places including doors, toilets, and liquor cabinets to monitor an object’s temperature, natural frequency, and motion among other features.

According to Notion’s CEO, Brett Jurgens, Notion is looking to “Accelerate [on its] go to market and execute on larger partnerships.” The company has dreams of partnering with home goods manufacturers to further “Integration and take out installation all together.”

Jurgen’s goal with Notion is to “Provide full home awareness.” “We want to empower people to monitor what they want without having to choose devices,” he says.

Martha Notaras, a partner at XL Innovate which has also invested in insurance tech plays Slice Labs and Embroker, added that “There is a lot of interest on the part of insurance companies to distinguish themselves in providing value to their customers.”

Notaras noted that “They already have ten thousand units out in the market place” and are going to use the new money to “Prove that they can use insurance companies as a distribution channel and that they can add value to that channel in terms of reducing customer risk by getting into early risk detection systems on the side of the insurers.”

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