Lock manufactuer Assa Abloy has agreed to acquire US-based smart lock producer August Home for an undisclosed amount, enabling corporates AGL, CAA, Comcast, KDDI, Liberty Mutual, Qualcomm, SanDisk and SingTel to exit.
Founded in 2013, August Home provides smart locks that allow users to control access to their homes through their mobile devices. The company’s products are compatible with Google Home, Amazon Alexa, Apple HomeKit and other smart home hubs.
The size of the deal has not been disclosed but it is expected to close during in the fourth quarter of 2017, pending regulatory approval. August Home had raised approximately $75m in venture funding prior to the deal.
The company most recently closed a $25m series C round in July 2017 that included energy supplier AGL, insurance firm Liberty Mutual, and Comcast Ventures and Qualcomm Ventures, respective subsidiaries of mass media group Comcast and chipmaker Qualcomm.
Bessemer Venture Partners (BVP), Maveron and private equity fund SPDG also took part in the 2017 round, which followed August Home’s $38m series B round in early 2015.
SanDisk Ventures, CAA Ventures and SingTel Innov8, the corporate venturing units of data storage provider SanDisk, talent agency CAA and telecom group SingTel, joined telecom operator KDDI, Comcast Ventures, Qualcomm Ventures, BVP, Maveron, Global Brain, Dolby Family Ventures, Cowboy Ventures, Industry Ventures, Rho Ventures and SoftTech VC in the 2015 round.
August Home had previously closed an $8m series A round in 2013 backed by Maveron, Cowboy Ventures, Industry Ventures, Rho Ventures and SoftTech VC, after securing $2m from a range of angel investors earlier in the year.
Thanasis Molokotos, executive vice-president of Assa Abloy said: “August Home strengthens our residential smart door strategy with complementary smart locks, expansion into video doorbells and comprehensive solutions for home delivery.”
– Image courtesy of August Home Inc.