Abode Systems has proven that a crowdfunding campaign really can result in business success.
The company’s smart home security system, Iota, is due to launch in the next few months and it has sold a huge 75% stake to Italian home and building automation group Nice S.p.A.
Abode raised more than $150,000 via Kickstarter for its home security system back in 2915 and after three years of development, the product is now ready to hit the market.
The company’s Iota security system is a smart system that doesn’t need to be hardwired into a home and you don’t need to enter into a long-term agreement to use it, unlike some of the other smart security systems on the market.
“Nice is a very large company with hundreds of automation installations in both commercial buildings and private residences around the world,”Abode CEO and co-founder Christopher Carney said “The Nice group sees Abode as an opportunity to leverage what we’ve built to grow their brands in North America and to allow us to expand and remain competitive as well as pursue global markets.”
The Iota gateway hooks up to a variety of third party smart home solutions, including Nest, Ecobee, Phillips Hue, and LifX via HomeKit.
Although many of the product’s supporters voiced their concerns that an acquisition means Iota development will come to a standstill, the company released a statement explaining it will continue developing its products and ensure compatibility with HomeKit.
“Abode plans to continue to work hard on its product roadmap, including the summer release of iota, their next generation gateway with built-in HD camera and HomeKit compatibility previously introduced at CES 2018,” it said.