Yonomi, a US-based internet-of-things (IoT) technology provider has been bought for an undisclosed amount by one of its investors security product manufacturer Allegion.
Founded in 2013, Yonomi has developed a cloud-based smart-home ecosystem that is able to discover and interact with IoT devices. Millions of devices located in more than 150 countries are connected to the platform.
The company will now become a division of Allegion managed by Yonomi CEO Kent Dickson. He said: “Allegion has been a significant partner of, and investor in, our company, and this acquisition provides more capital and capacity for growth of our existing technologies and platforms.”
Yonomi raised $750,000 from unnamed investors in 2015 and $950,000 in a convertible note round the following year, before it received $1.6m of funding from undisclosed investors in 2017, according to regulatory filings.
Allegion participated in a $5m series A round for Yonomi in 2018 that was led by car component producer Gentex. Its investors also include Rockies Venture Club and Deming Center Venture Fund, according to their respective websites.