Vivint’s smart home systems are about to get a bit smarter. The home automation and security company just nabbed $100m co-led by tech investor Peter Thiel and strategic investment firm Solamere Capital. This influx in capital will be used for Vivint’s growth and research and development of products.
The Blackstone Group purchased Vivint in 2012 for $2 billion and still owns the company. The company considers this round of financing a strategic growth investment.
Vivint has quietly approached the home automation market differently from other players. The company offers the standard assortment of remote locks, connected smoke detectors, a video doorbell and video cameras, but also security solutions — and everything works with Amazon Alexa. Together, while a bit pricey, they offer a complete smart home solution few can match.
According to a press release from the company, Vivint has more than one million customers and a revenue of more than $650 million.
“For Peter and Solamere to place their confidence in Vivint as the smart home leader is a huge validation of what we have built and where we are headed,” said Todd Pedersen, founder and CEO of Vivint Smart Home, in a released statement. “The fact that they are investing in our future demonstrates their passion for our business and their vision for this industry. We look forward to working together to redefine the home experience.”
This investment comes as smart home technology is heating up. Nearly every major consumer electronics company is starting to offer a full suite of products that compete directly with Vivint’s line.