SmartThings Raises $3M to Fuel Open IoT Ecosystem
SmartThings, the innovative Internet-of-Things (IoT) platform and winner of the 2012 Dublin Web Summit’s startup competition, has successfully closed a $3 million seed funding round. The investment was led by First Round Capital, with participation from prominent investors including SV Angel, Lerer Ventures, CrunchFund, and notable tech entrepreneurs like Max Levchin and Chris Dixon.
Building the Future of Connected Devices
SmartThings is revolutionizing how we interact with everyday objects by creating an open platform that connects physical items—from door locks to lighting systems—to the internet. This “open physical graph” enables users to control and monitor devices through digital interfaces, fostering a more interconnected world.
While standalone smart devices like Philips Hue lightbuls are gaining traction, SmartThings distinguishes itself by championing an open ecosystem. The platform allows multiple manufacturers to integrate their products, all powered by a central smart hub. As the company states:
“It will take a significant ecosystem and the participation of many innovators to realize the full potential of the physical graph.”
Growing the Developer Community
With over 1,000 developers already onboard, SmartThings is doubling down on community growth. A portion of the seed funding will support the inaugural SmartThings Developer and Maker Competition, designed to spur innovation in five key IoT themes:
- Best software developer/SmartApp
- Best hardware/device maker
The competition will culminate in April 2013 with an overall winner announcement. A prestigious judging panel includes representatives from First Round Capital, SV Angel, Lerer Ventures, and SmartThings CEO Alex Hawkinson.
Competition Highlights
- $100,000 total prize pool ($25,000 each for top app and connected device)
- Investor exposure and media coverage opportunities
- Manufacturing and design consulting
- Featured placement across SmartThings’ ecosystem
The company anticipates additional prize funding through future sponsorships.
Building on Previous Success
SmartThings has demonstrated remarkable momentum, having previously raised $1.2 million through a record-breaking Kickstarter campaign—the platform remains the largest IoT project in the crowdfunding platform’s history. The company has also partnered with Instacube to enable smart notifications for home events.
The Vision for an Open IoT Future
SmartThings envisions a world where the physical graph—the digital connectivity of everyday objects—transforms how we live. As the company emphasizes:
“An open physical graph is the only way to bridge the innovation of device manufacturers, hardware makers, and developers working to change our lives.”
With this latest funding and developer initiative, SmartThings is poised to accelerate the growth of an open, interconnected IoT ecosystem that promises to reshape our interaction with the physical world.
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