Electronics producer Samsung acquired connected internet technology developer SmartThings for $200m on Thursday, granting exits to investors including AOL-backed venture firm Crunchfund.
Founded in 2012, SmartThings has created an app that enables a user’s smartphone to be used as a remote control for devices in their home such as locks, light switches, outlets and thermostats.
The company raised $15.5m across two rounds from Crunchfund and other investors including Greylock Partners, Highland Capital Partners, First Round Capital, SV Angel, Lerer Ventures, Start Fund, A-Grade Investments and several angel investors.
SmartThings will continue to operate independently as a subsidiary within Samsung’s Open Innovation Center division.
Alex Hakwinson, founder and CEO of SmartThings, said in a blog post: “While we will remain operationally independent, joining forces with Samsung will enable us to support all of the leading smartphone vendors, devices, and applications; expand our base of developers and enhance the tools and programs that they rely on.”