$14.6 million for Sevenhugs!
Sevenhugs, the specialist of household IoT products, announces the opening of new offices in San Francisco, California (USA), as well as a new fund raise of 13 million euros.
The Altyor Group is proud of supporting Sevenhugs’s projects as an industrial sub-contractor for design and manufacturing.
Sevenhugs's press release:
Today, we are very happy for Sevenhugs because our start-up will keep its momentum and continue to create connected devices and apps for people’s homes. Indeed, we are delighted to announce our U.S. expansion as well as a Series A of $14.6 million.
We are excited to open our San Francisco office, where the executive team will be overseeing global operations and product development. The new office brings us closer to partners and provides opportunities to solidify our network to further grow Sevenhugs’ business.
The other big news of the day? We have just completed a $14.6M (13M euros) Series A funding round that will focus significantly on building the team and investing in product development. Sevenhugs has received a total of $17.5M in funding.
“We are very pleased to partner with investors who share our vision,” said Simon Tchedikian, CEO and co-founder of Sevenhugs. “Gartner Research predicts that by 2020, there will be approximately 25 billion IoT-enabled devices, of which millions will likely be automating our homes. Our goal from the beginning has simply been to provide smart home solutions focused on the user-experience. From our intuitive hugOne sleep monitor to our next-gen, universal Smart Remote, we are dedicated to making home technology accessible. We value the expertise and support of our investors as we work together to accelerate the expansion of Sevenhugs.”
Who is investing?
High-growth investment firm Xerys Gestion led this current round of funding, which was supported by existing investors who have also reiterated their confidence in our solutions for making smart home products accessible and user-friendly for everyone sharing the technologies.
“We first focus on founders with vision and talent – a combination that we know will result in success,” said Jacques Simonnet, President of Xerys Gestion. “I’ve been impressed by how quickly this highly-effective team brought to market the hugOne. It was shipped to retailers only eight months after the seed round. Our investment will allow for the continued elevation of such amazing products. As a company with global potential, unique technology, and a quality team, investing in Sevenhugs is fully in line with our strategy.”
What are we going to do?
We will use the latest round of funding to:
• Broaden the global launch of the hugOne to the U.S. The hugOne is a sleep monitor that tracks sleep patterns to help families consistently rest better by capturing temperature, humidity, and air quality. It pairs with other smart home technologies such as Nest and Phillips Hue.
• Accelerate the development of the soon-to-launch intelligent Smart Remote, a universal control center for all home technologies. This product will seamlessly unify the connected home and enhance the user-experience with its simplicity.
• Expand its U.S. footprint with retail sales channels and bolster partnerships with key players in the smart home landscape.
• Increase hiring of team members in the U.S. and France.