The finance will prepare Boundary’s innovative smart home security alarm for launch and lead to the creation of a number of new jobs.
Entrepreneurs Robin Knox and Paul Walton created Boundary having earlier founded IntelligentPOS, which was acquired by iZettle in 2016 and subsequently sold to PayPal for £1.6 billion.
The funding will create highly skilled jobs in software development, customer support and marketing in its HQ, which will soon move to the WeWork offices in the heart of Edinburgh. It will also be used to finalise the product’s development, ensuring it is ready in time for Boundary’s official commercial launch in 2020.
The funding comes after Boundary’s exceptionally successful crowdfunding campaign on Kickstarter, which saw it reach its ambitious £50,000 target in less than 48-hours. The money from that campaign is being used to certify Boundary’s product to the British and European standards for intruder alarms.
CEO Knox said: “We are absolutely delighted to have received funding support from Equity Gap and the Scottish Investment Bank. This has come at a crucial time as we move towards our official launch next year.
“We are always eager to support Scotland’s thriving tech scene and this cash injection will enable us to do just that by creating numerous tech roles in Edinburgh. We fully believe that our accessible, affordable smart home alarm will make waves within the UK’s home security market.”
He added: “We were immensely pleased with the success of our Kickstarter campaign back in June. The support we received gave us the validation we were looking for that our product is something that people want and need.”
Fraser Lusty, director at Equity Gap, said: “Equity Gap are delighted to be investing in Boundary, we have known Robin and Paul for some time and of their previous successes. “They have developed a consumer focused, digitally smart next generation security system and business model for a market ripe for disruption.
“Their customer acquisition, and service, skills are a big factor in our involvement and we look forward to working with the team through the launch phase.”
Customers can control the technology using an app on their mobile phone, bringing security alarms into the arena of Hive central heating controls or Sonos music systems.
Boundary offers optional cellular backup by linking to the mobile phone network, allowing homeowners to be alerted about intruders even if the criminals cut their phone line and broadband connection.
The system aims to bring neighbourhood watches into the 21st century by giving customers the option to send mobile phone alerts to friends or family living in the area.
Boundary said users will be able to control the system through digital assistants such as Amazon’s Alexa and Google Home, as well as integrating it with the Philips Hue lighting system, so that lights are switched on automatically if an intruder is detected.
Users can buy an “off-the-shelf” version and fit it themselves or have it professionally fitted. Additional services available for a monthly subscription include 24-hour monitoring with police response. Alternatives available to the smartphone app include a traditional alarm code or a key fob.