Published in Breaking News

Gentex leads $5 million Series A round in smart home software developer

BY MiBiz Staff Monday, January 08, 2018 03:54pm

ZEELAND — Automotive supplier Gentex Corp. has taken an equity stake in Boulder, Colo.-based tech firm Yonomi as part of a $5 million Series A financial round.

The move will allow the Zeeland-based Tier-1 automotive supplier of auto-dimming mirrors and other vehicle technology to launch HomeLink Connect, a new software enabling drivers to control home automation devices from their vehicles, according to a statement.

Gentex was the lead investor in the round, which also included funding from existing strategic investor Allegion, a provider of security products.  

The partnership leverages Gentex’s HomeLink technology and Yonomi’s software as a service capabilities. The two companies worked together over the past year to pilot Yonomi One, a software as a service solution for smart home devices and platforms that powers Gentex’s new HomeLink Connect controls.

The center console- or mirror-mounted system allows drivers to adjust thermostats, home lighting, door locks and the disarming of security systems.

Gentex announced the investment just days after disclosing that founder Fred Bauer had stepped down as a company chairman and CEO, effective Dec. 31. The company tapped former COO Steve Downing to be its chief executive, according to story last week in MiBiz.

“Our exclusive partnership with Yonomi helps ensure that HomeLink Connect is compatible with the ever-expanding list of smart home devices,” Downing stated in a release. “Our combined capabilities will help us provide automakers with a versatile, comprehensive and robust home automation platform that opens HomeLink to new markets and users by providing an ever-expanding number of use cases.”

As part of the investment, Downing also will take a position on Yonomi’s board of directors.

In a separate statement, Yonomi said it would use the additional funding to expand its footprint, broaden home device partnerships and scale up its commercial technology platforms.

“The investment and partnership with Gentex further cements Yonomi’s position as a leading IoT platform,” Yonomi co-founder and CEO Kent Dickson said in a statement.

Previously, Yonomi raised more than $1.6 million in a private sale of equity and preferred stock to seven investors, out of a possible raise of more than $2.6 million, according to filings with federal securities regulators in September.

Read 1720 times Last modified on Monday, 08 January 2018 16:34