Home Automation Vendor iControl Secures $50 Million
Investors Include Comcast, Cisco, Intel, Rogers and Tyco
By Todd Spangler -- Multichannel News, 6/20/2011 3:55:27 PM
Broadband home automation and security vendor iControl Networks announced $50 million in fourth-round funding, bringing its total investment to more than $100 million from investors that include Comcast.
The latest round of funding in iControl was led by energy and "clean tech" investors, which the company did not identify. Existing investors that contributed to the latest round included Comcast, Cisco Systems, Intel, Rogers Communications, Kleiner Perkins Caufield & Byers' iFund, Charles River Ventures and Tyco International, the parent company of ADT Security Services.
Comcast, Time Warner Cable and ADT are among the providers that have launched home security and automation services based on the iControl platform.
The latest round of funding will accelerate the deployment of iControl's energy management solution and other broadband home-management services, according to the company, as well as international expansion. Palo Alto, Calif.-based iControl acquired competitor uControl, based in Austin, Texas, in November 2010.
Comcast Ventures managing director Louis Toth said in a statement: "iControl is a leader in the broadband security and home management market with tremendous growth potential, particularly in the emerging market for energy management solutions. These additional funds put iControl in a position to offer energy management as a value-added service to its existing home-security solution, and provide iControl's deployment partners the full range of broadband services they want to offer consumers."
Al Gore, former U.S. vice president and partner with Kleiner Perkins Caufield & Byers, said in a prepared statement, "Empowering individuals to directly manage energy consumption is one of the most important parts of the great promise of the U.S. Smart Grid initiative."
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