Overview

SmartThings offers a platform for automating and controlling smart home devices, catering to homeowners and renters interested in enhancing their living spaces. The company provides both hardware, such as sensors and cameras, and software through an app that allows users to manage these devices from their smartphones or tablets. A key feature is SmartThings Edge, which processes automation locally on the user's hub for improved speed and reliability. SmartThings generates revenue from device sales and premium app services, like SmartThings Energy, which helps users monitor energy use. By partnering with other smart device manufacturers, SmartThings expands its ecosystem and strengthens its position in the Internet of Things (IoT) market. The goal of SmartThings is to create connected, efficient, and user-friendly homes.

Simplify's Take

What believers are saying

• Rising demand for smart home security boosts SmartThings' sensor technology innovation.
• Matter standard enhances interoperability, expanding SmartThings' ecosystem across different brands.
• Growing trend of energy-efficient homes aligns with SmartThings' focus on eco-friendly devices.

What critics are saying

• Increased competition from Aqara threatens SmartThings' market share.
• Samsung's AI TV partnership may divert resources from SmartThings, impacting growth.
• Certification by Similarity program may lead to quality control challenges for SmartThings.

What makes SmartThings unique

• SmartThings offers a comprehensive platform for smart home automation and control.
• The SmartThings Edge platform ensures faster, reliable smart home experiences with local processing.
• SmartThings partners with various manufacturers, expanding its ecosystem and device compatibility.

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Funding

Total Funding

$215.5M

Above

Industry Average

Funded Over

3 Rounds

Notable Investors:

BoxGroupGreylock PartnersSV AngelFirst Round Capital

Notable Investors:

BoxGroupGreylock PartnersSV AngelFirst Round Capital

$200,000,000

Acquisition

Jun 2014

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