Timothy Montales
Notion, a Denver firm that added Liberty Mutual as an investor last year, is getting support for its home monitoring sensors through a new $10 million round of venture capital, and stated that it is now collaborating with “three of the top five home insurance providers.” It, however, refuses to divulge their identity.
Notion’s round sensors, which can be installed on doors, windows and home appliances, can alert homeowners via mobile app or text when a door is suddenly opened, the washing machine is leaking or the temperature in a room is abnormally hot or cold.
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“Insurance providers are rolling out Notion to policyholders to help them reduce losses, increase sales and decrease churn across their portfolio, and create more positive touch points with their customers. In exchange, policyholders are empowered to make more informed decisions around the safety and maintenance of their home, and are eligible to receive discounts on their monthly premiums for installing Notion,” Brett Jurgens, CEO and co-founder, Notion, said as quoted by The Denver Post.
Find out how much does the premium costs of the largest home insurance providers in US in this article.
Investment in internet of things companies has more than doubled in four years, as reported by PitchBook. The amount increased by 17% to $1.32 billion despite a decline in the number of deals to 257.
Having doubled its workforce to 20 in the past year, Notion is seeking to use the new funding to expand its reach, invest in product and marketing efforts, and clinch crucial hires in engineering, data science and marketing.
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