TECH entrepreneurs Robin Knox and Paul Walton have opened the first funding round for their new smart home alarm venture.
The pair have so far self-funded Boundary, their Edinburgh-based tech start-up, with £800,000 but are now seeking up to £2.5 million investment by June.
The firm is preparing to launch onto the home security market with its “affordable and accessible” smart home alarm system later this year.
Boundary’s target is to have the system in 100,000 homes within its first four years.
The firm said the investment will be used to create a number of digital jobs within the firm including roles in cloud infrastructure and mobile app development.
READ MORE: Scots firms to create smart home security alarm
A portion of any investment raised will also be channelled towards the continued testing and development of the final product.
Mr Walton, left, and Mr Knox have successfully exited previous businesses including Intelligent Point of Sale (IPOS), which sold to iZettle, and was then subsequently acquired by PayPal in 2018 for around $2.2 billion (£1.7bn).
Mr Knox, said that “all the money put into the business has been our own but we are now ready to take it to the next level”.
The firm said its intruder alarm will offer “certified police response and features such as geofencing and integration with Alexa and Google Home”.
Future plans include a camera that harnesses the power of AI to watch over a property’s boundary. It “will learn what’s normal and what’s not so it can detect any suspect activity”.
The firm is also launching a Kickstarter campaign in May, aimed at selling up to 1000 units equating to up to £200,000 in pre-sales.
The firm last year signed contracts with two design and manufacturing specialists responsible for creating market leading products for brands such as Bosch, Ericsson, Honeywell and Flymo.
Boundary said partnering with i4 Product Design Ltd (i4PD) and Invent, Design, Build (IDB), would boost its push to create a system it claims will be the first of its kind available in the UK and Europe.
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