Sevenhugs’ Investment Strengthens Its Presence in the IoT Ecosystem and Broadens Its Reach Into the U.S.
PARIS, FRANCE and SAN FRANCISCO, CA–(Marketwired – Jun 22, 2016) – Sevenhugs, creator of connected home products, today announced the strategic opening of its San Francisco office where the executive team will be overseeing global operations and product development. The new office brings Sevenhugs closer to partners and provides opportunities to solidify its network to further grow its business.
Additionally, Sevenhugs has completed a $14.6M (13M euros) Series A funding round that will focus significantly on building the team and investing in product development. Sevenhugs has received a total of $17.5M in funding.
« We are very pleased to partner with investors who share our vision, » said Simon Tchedikian, CEO and co-founder of Sevenhugs. « Gartner Research predicts that by 2020, there will be approximately 25 billion IoT-enabled devices, of which millions will likely be automating our homes. Our goal from the beginning has simply been to provide smart home solutions focused on the user-experience. From our intuitive hugOne sleep monitor to our next-gen, universal Smart Remote, we are dedicated to making home technology accessible. We value the expertise and support of our investors as we work together to accelerate the expansion of Sevenhugs. »
High-growth investment firm Xerys Gestion led this current round of funding, which was supported by existing investors who have also reiterated their confidence in Sevenhugs solutions for making smart home products accessible and user-friendly for everyone sharing the technologies.
