K4Connect, which takes IoT technology to community houses and apartments, has raised $1.9 million in seed funding to launch its first product. The funding came from many investors that includes Silicon Valley-based Sierra Ventures and Better Ventures, North Carolina-based Lowe’s Companies, Stonehenge Growth Equity Partners and many other individual investors.
Founded in 2013 at Raleigh, K4Connect is a startup that transforms community apartments and residences into smart homes. It debut with a system developed for senior living communities that allows the living areas to be turned into smart homes to be responsive to individual residents’ needs with a single application. The company’s patent-pending software platform integrates disparate smart devices, systems and technologies into a single system. This simplifies the way to use for seniors and gives the operators actionable resident data and analytics to help in the betterment of care and customer satisfaction.
The K4Connect stated, ” With new home automation products appearing on the market daily, K4Connect is the first company to bring them together in an integrated solution specifically designed and developed to meet the evolving needs of the rapidly growing, though underserved, senior living market,” in the press release.
With the fresh funds, K4Connect plans to launch its debut product, which is undergoing pilot testing in a senior community in the Raleigh area. It also intends to hire more people into its team of 13. The founder Scott Moody stated, “The overwhelming positive support we have received from investors confirms that K4Connect will be important to the future of senior care. As more of America’s 75 million baby boomers transition to retirement, senior living communities need new ways to distinguish themselves from competitors. Our product improves quality of care, streamlines community operations, and most importantly, helps make residents’ lives simpler, healthier and happier.”
Moody’s previous venture AuthenTec, a fingerprint sensor technology was sold to Apple which is now the foundation of Apple’s Touch ID system. Sierra Ventures and Stonehenge had previously invested in AuthenTec. Ben Yu, managing director of Sierra Ventures said, “We could not be more excited to reinvest in an entrepreneur like Scott. Much like our prior investment in him and the team at AuthenTec, we see K4Connect solving a global problem by making extremely complex technology accessible to everyday consumers.”