Leeds-based smart home security startup Cocoon has closed a round on Crowdcube, raising £2.46 million in funding from almost 1,100 investors. The company launched the equity crowdfunding initiative last month, with a goal of £2 million. Cocoon had previously raised a round of $253,000 from Indiegogo for its home security system in 2014, and in 2015 the company raised £2.4 million from Aviva Ventures and Breed Reply.
The home security features in Cocoon's device include a siren, HD camera, privacy lighting, motion detector, and microphone. Cocoon reports that its sales have grown each month since its launch in September 2016, and it has shipped over 1,000 units.
“Cocoon can set up in seconds and protect your whole home, making security more affordable for the 19 million homes currently unprotected. Our patented Subsound technology, detects infrasound created by intruders, protecting the whole home from one device, and by using machine learning avoids false alarms,” said the company, as reported by Crowdfund Insider.
The company said the new funding will be used for production costs, to develop additional monthly subscription services, and to grow its development team to focus on retail distribution and partnership sales in the US and UK. The startup is also developing a lower-cost version of their product. They say the global home security market will be worth more than £38.5 billion by 2020.
Read more: Crowdfund Insider