HOMI Smart Home raises US$1.3M seed funding

Fri Aug 2, 2019 - 9:01am UTC
HOMI 1

HOMI 2

02/08/2019 – The Singaporean smart home services startup has raised US$1.3M of seed funding led by 3 Singapore based investors SeedPlus, Xoogler Angels, and AngelCentral.

The freshly injected funds will be used to scale up the firm’s smart home services, adding new installers, architects, and consultants in Asia.

Founded in 2016 by Amar Dhillon, the firm aims to create smart home products that cater specifically to the needs of the Asia region. The firm calls themselves as the first smart home managed service in Asia. Setting them apart from their North-American counterparts whose offers does not translate well in the region.

“The culture of Do-It-Yourself (DIY) doesn’t really exist. Therefore, we decided to focus on providing smart home services to help bridge the gap for consumers interested in getting a smart home. We believe that smart home services are key to the entire experience,” said Amar Dhillon.

HOMI seeks to address the low penetration rates for smart homes in Asia. The firm believes that is due to the lack of a complete smart home ecosystem and support services.

To tackle the low penetration rates, the firm is looking to launch a set of smart home products with an affordable payment plan as low as US$2 a day with consultation, installation and support included. The products are estimated to launch next quarter.

Through HOMI’s smart home solutions, customers will be able to customize their homes with smart devices including light switches, smart locks, cameras, and various appliances. All controlled by a single integrated app.

According to the firm, their smart home products can be installed by a certified electrician in less than 3 hours. Thus cutting down the costs from system integrators that sometimes take 7 days or more to set up.

This news is published on Reuters.

Lo Jia Thong is a writer that writes about the latest announcements on venture capitals and startups from Southeast Asian countries.