US-based smart hub company Revolv has been acquired by connected device firm Nest for an undisclosed amount, providing exits to cable service provider Liberty Global and insurer American Family Insurance.
Revolv has created a home hub from which users can connect and control their connected devices.
Nest made the purchase to acquire Revolv’s engineering team, which will now join Nest while Revolv’s home hub’s development is stopped and manufacturing discontinued.
The Revolv team will work on Nest’s developers programme, where they will focus on expanding the number of devices that work with Nest and also developing new products. Nest was acquired by internet company Google for $3.2bn in January this year.
Prior to acquisition, Revolv had raised a total of $6.7m in funding, $4m of which came from a series A round in November 2013 backed by American Family Ventures and Liberty Global Ventures, the respective corporate venturing units of American Family and Liberty Global, as well as Foundry Group and SK Ventures.
Revolv, a graduate of start-up accelerator Techstars, received $2.7m in seed funding in 2012 from Foundry Group, SK Ventures, Social Leverage, Clarion Direct Investments, Drummond Road Capital, David Cohen and John Ives.