Things have been pretty quiet on the Canary front. In January at CES, the New York-based smart security startup released a stripped-down version of it its flagship camera. Beyond the odd software updates here and there, however, we haven’t heard much. This morning, however, the company announced some pretty big changes coming from the top, down.
Smartfrog, a European IoT company, has invested $25 million in the startup, bringing its total funding up to $66 million. With its investment, Smartfrog will also take a controlling interest.
That means some shakeups, up top. Smartfrog CEO Charles Fraenkl will retain the top spot at the combined companies, while Bob Stohrer, Canary’s CMO, will be put in charge of its New York-based operations. Former Canary CEO Adam Sager, meanwhile, will stay around in an advisory role, according to the company.
“We are very excited about the opportunities that derive from joining forces. Our businesses are extremely complementary and will enable us to scale the business faster globally,“ Stohrer told TechCrunch.
From a strategic standpoint, the move gives Smartfrog a foothold in the States, while potentially affording Canary the ability to spread into the EU. The camera maker offered a pretty impressive product out of the gate, putting it at the forefront of smart home security.
A spokesperson for the companies told TechCrunch,
Globally, the smart home security market is at an inflection point, and as the industry becomes increasingly competitive with some of the world’s largest technology companies, Smartfrog and Canary joining forces enables both companies to better compete globally. Together the group will immediately become a formidable global provider of IoT services and SaaS solutions leveraging combined strengths. With artificial intelligence, machine learning initiatives, easy-to-use products and affordable prices, the group ensures continued consumer benefits and accelerated global growth.
Increased competition from the likes of Nest, Amazon-owned Ring and, most notably, Netgear’s Arlo, have, however, made for a far more competitive space.
“Canary´s achievements — in creating an award-winning smart home security solution and becoming one of the fastest-growing category leaders in US — is nothing short of impressive,” Fraenkl said in a statement. “By joining forces, the group will be well positioned in an increasingly competitive market.”
Canary will continue to function as an independent brand, moving forward.
Source: TechCrunch
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