XL Catlin’s venture capital arm is among firms helping to back a $10 million financing for Notion, an Internet of Things-related startup focused on a smart home sensor that enables lower-cost home security.
XL Catlin’s XL Innovate, a previous investor, participated in Notion’s Series A round, along with previous investor Mesh VC and others. Draper Nexus and TransLink Capital led the new financing. Like XL Innovate, Liberty Mutual Strategic Ventures also participated in last year’s seed funding round for Notion.
In all, Notion has raised about $15 million since its 2013 launch.
The Denver, CO-based company said it will use the cash infusion to expand existing partnerships with “three of the top five home insurance providers” it already has underway, in a bid to produce a “cost-effective loss mitigation system and home telematics” product. As well, Notion will pursue new relationships with other “leading property insurers,” it said.
Additionally, the financing will support product development and manufacturing, more marketing and hiring of additional staff focused on engineering, data science and marketing.
Notion’s initial product is a multi-function sensor that can identify temperature changes, smoking alarms going off and the opening of doors and windows, among several other capabilities. Alerts can then be customized to be sent to Android or iOS smartphone. The company said that its sensor can take a bout 5 minutes to set up.
Brett Jurgens, Notion’s CEO and co-founder, said in prepared remarks that the company was looking forward to working with its current and new insurance partners “to build more positive connections with homeowners and reward them with reduced insurance costs.”
Mitch Kitamura, managing director at Draper Nexus (and a new member of the Notion board of directors following the financing round), said that the Notion technology is helping insurers better engage with policyholders but also learn more about their behaviors.
“For insurance providers, installing Notion in homes across the country is simultaneously transforming the relationships they have with their customers – creating an opportunity for them to positively engage with their policyholders, and receive unmatched access into those behaviors and activities happening inside those homes.”