IPOS Founders to Launch Smart Home Security System
The entrepreneurial pair have announced their return to the Scottish start-up scene with new venture, Boundary Technologies.
Following their successful exit from Intelligent Point of Sale (IPOS), which was acquired in 2017 by Paypal for $2.2 billion, co-founders Robin Knox and Paul Walton have announced their latest venture – a smart home security system called Boundary.
The new company is due to launch mid-2019 and is targeting 100,000 homes in four years with £6 million in annual recurring revenues. It is expected that the start-up will create a significant number of new tech, sales and marketing jobs with future plans that include leveraging artificial intelligence to create market-leading solutions, including a camera which learns as it watches.
Knox and Walton have personally invested £300k in Boundary and plan to raise a total of £1.5m to bring their new product to life. An equity investment round is expected to close in November with a Kickstarter campaign also planned to go live in October. Both men have a powerful track record of disrupting traditional industries and have a proven ability to raise investment and execute an ambitious business plan, with a strong start-up mentality paired with real world experience.
Smart Home Security to Challenge Incumbent UK Alarm Systems
When Knox, founder of Seedhaus Scotland’s first pre-seed technology accelerator, himself struggled to find a reasonably priced self-install security system, he began to research the market and found that established market leaders with expensive alarm systems suffered from damning online customer reviews and acres of negative media coverage. Sensing a gap in the market, Knox turned his attention to home security and alongside Walton started to explore how technology could transform the sector.
Currently, the home security market is polarised at two extremes, either very expensive and overly complicated or so cheap and basic, the hardware is not robust and cannot be trusted to work when it is needed. Boundary is now trying to fill this gap with their alternative offering of affordable smart home security tech.
Home Security Tech Should Be Affordable
Knox said: “As humans we all have a deep rooted instinct to protect our property and our possessions. Effective home security should not just be something for the rich but for every homeowner, from first time buyers in a terraced house or a pensioner living in a bungalow, to young professionals in rented accommodation. Our aim is to bring crime rates down by making our homes safer.”
Walton added: “There is a massive opportunity that is not being addressed by incumbent UK alarm systems either by budget players (Yale and Smanos) or high end (Verisure and ADT) to develop an easy to install wireless home security system.
“The market for burglar alarms is ripe for disruption with poorly featured legacy systems and undervalued customers creating a gap in the market for a trusted low cost monitored security solution that is easy to install and operate. Our alarm will comply with strict EU and British standards to allow for police monitoring options at an affordable price.”