Scottish home security tech specialist, Boundary Technologies, has secured an investment of £1.22 million from Equity Gap and the Scottish Investment Bank (SID), the investment arm of Scotland’s national economic development agency Scottish Enterprise.
Cash from the investment will be used by Boundary to create several new jobs in software development, customer support and marketing, which will be based within the firm’s new offices located at WeWork in Edinburgh city centre.
Funding will also go toward the launch of the company’s innovative smart home security alarm, enabling Boundary to finalise the product and ensure it meets its official commercial launch date in 2020.
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This latest investment swiftly follows the firm’s highly successful crowdfunding campaign on Kickstarter, which saw the firm reach its ambitious £50,000 target in less than 48-hours. The funding from this campaign is being used to certify Boundary’s product to the British and European standards for intruder alarms.
Robin Knox, co-founder and CEO of Boundary, said: “We are absolutely delighted to have received funding support from Equity Gap and the Scottish Investment Bank. This has come at a crucial time as we move towards our official launch next year.
“We are always eager to support Scotland’s thriving tech scene and this cash injection will enable us to do just that by creating numerous tech roles in Edinburgh. We fully believe that our accessible, affordable smart home alarm will make waves within the UK’s home security market.”
He continued: “We were immensely pleased with the success of our Kickstarter campaign back in June. The support we received gave us the validation we were looking for that our product is something that people want and need.”
Fraser Lusty, Director at Equity Gap, said: “Equity Gap are delighted to be investing in Boundary, we have known Robin and Paul for some time and of their previous successes. They have developed a consumer-focussed, digitally smart next-generation security system and business model for a market ripe for disruption. Their customer acquisition and service skills are a big factor in our involvement and we look forward to working with the team through the launch phase.”