Networking technology producer NetGear has paid an undisclosed amount to acquire one of its portfolio companies, US-based electronic art frame provider Meural.
Founded in 2014, Meural offers frames containing a screen on which a large number of art pieces can be displayed, allowing users to switch between them using the company’s app or website, or simply by waving their hand.
The company also charges $40 for an annual membership to its art subscription service. NetGear said the acquisition forms part of a strategy to diversify its in-home offering, and that it will use Meural’s frames to hide its wifi router for customers.
Meural had raised a total of $9.3m in funding according to TechCrunch, most recently securing $5m in a November 2017 round led by venture capital firm Corigin Ventures and backed by Netgear, Resolute Venture Partners and assorted angel investors.
Corigin Ventures had supplied $3m of seed capital for Meural the year before, and its exiting investors also included Bolt, Forefront Ventures and Firstrock Capital, TechCrunch reported.