Home security start-up Cocoon closes £2.46m Crowdcube campaign
30-strong Leeds-based company, which has customers across 50 countries, will use finance to continue to scale
Cocoon, a home security device, has raised £2.46m in a campaign on crowdfunding site Crowdcube, giving at a $15m valuation.
1117 investors participated in the funding round, which had an initial target of £2m. The campaign had reached £2.2m and 115% of its goal with four days to go.
Founded in October 2014 by Dan Conlon, Colin Richardson, Nick Gregory, Sanjay Parekh and John Berthels, Leeds-based Cocoon uses a combination of infrasound and machine learning to detect air movements in a home.
When the system detects something out of the ordinary it alerts the homeowner via their smartphone and sends all the encrypted data to the cloud.
The funding will be used to continue to scale the 30-strong Cocoon, which now claims to have customers in 50 different countries worldwide.