Roost, Inc. announced its Series A investment round of $5.5 Million. The round was led by RPM Ventures and joined by a subsidiary of financial services provider USAA. Existing investor, DCM Ventures – as well as specialty Internet of Things (IoT) funds, Center Electric and StartGarden – also participated in the funding round. Roost added Adam Boyden from RPM Ventures to the company’s Board of Directors.
"Roost has hit upon a unique retrofit approach that enables every consumer to enter the smart home market without buying shiny new devices or spending hundreds of dollars," said Adam Boyden, Managing Director, RPM Ventures. "With a clear mission to solve actual problems that consumers face every day, and create solutions anyone can easily install and use, Roost is blazing a path for the broad adoption of IoT in the home."
Roost's Series A round of funding was led by RPM Ventures, a dynamic seed and early stage venture firm. In addition, the round was joined by a subsidiary of USAA, one of the nation's foremost financial services providers for military families, known for its industry-leading customer satisfaction and service to more than 11 million members.
USAA's head of Corporate Development, Vic Pascucci, said, "Our mission and members drive us to remain on the leading edge of next generation technologies. To do that, we look to combine the best of external innovation with the best of internal innovation. That's why we're always on the lookout for companies, like Roost, that offer innovative products and services that can help us better serve our members in the military community."
The patented Roost Smart Battery, and free mobile app, transforms existing home smoke and CO alarms into smart alarms. Easy to install in less than five minutes, Roost's IoT innovation comes in a familiar 9V battery form factor. Among its Smart features, the Roost Smart Battery finally eliminates those pesky 3:00 a.m. chirps by notifying you when the battery needs to be replaced. It also sends you notifications on your smartphone whenever your smoke alarm sounds, even while you are away. With a 5-year battery life, the Roost Smart Battery is now available for pre-order for as little as $34.99.
In addition to its Series A funding, Roost is announcing the appointment of Jim Van Patten as Vice President Operations, and Richard Stark as Vice President, Enterprise Sales. Jim Van Patten is responsible for manufacturing, quality, supply chain and logistics for Roost. Van Patten has over 30 years of experience developing and implementing production, improvement and quality systems in manufacturing at companies like OCZ Storage Solutions, a Toshiba Group Company, and Logitech among others. Richard Stark is responsible for global sales to Roost partners, including the insurance industry. Stark has over 25 years of experience in marketing and selling enterprise solutions, most recently at Xerox.
"We are delighted to see the strong consumer and industry excitement for our mission and first product, the Roost Smart Battery," said Roel Peeters, Roost CEO and co-founder. "With this cash infusion and the strengthening of our executive team, we have all the right ingredients in place to execute on our vision."