“Today’s new capital will be used to accelerate growth across and to strengthen our product portfolio,” quoted Nils Mattisson, CEO of Minut on raising $8 million in Series A round of funding. The Swedish based startup recently made the headlines when it announced that it had developed a camera-less home security device to protect the privacy of the customers without compromising the security. The funding round was led by KPN Ventures with participation from Centrica, an international energy and services company. The investment round also witnessed participation from returning investors, Karma Ventures, SOSV, and Nordic Makers adding their total investment capital to $10 million.
Minut was founded in 2014 by Mattisson, a former member of Exploratory Design Group at Apple. The primary objective of the company is to make home security more affordable without compromising the privacy of its customers. The company relies on IoT technology to capture real-time data with the help of infrared motion sensors. The data is then processed by a camera-less device instead of being uploaded to the cloud. Mattisson says that feeling safe should not be a luxury or come at the cost of privacy.
Identifying the presence of people without recording any sound has received critical appreciation from the public. Privacy has been the driving factor of the company to create the new camera less device. Contrary to other popular IoT devices such as Amazon Alexa or Google Assistant that sends recorded sound to the back-end for analysis, the camera-less device processes real-time data and helps the customers to identify events such as window break or the presence of people without recording any sound.
Minut acquired a patent for its camera-less device last year and has sold more than 10,000 units in over 60 countries. The company has an employee count of 30 distributed across its headquarters in Malmo, Stockholm and recently constructed office in London.
Your rate 3 stars is recorded
StartupWorld is the destination to learn about new and upcoming startups making waves on the web. Being an entrepreneur is as much hard work as it is fun. No one knows it better than you do. Share your story, send it in and let us showcase it to the world.