Konnected Company Profile

Background

Konnected, established in 2017, is dedicated to transforming traditional wired alarm systems into modern smart home solutions. The company's mission is to empower homeowners by providing accessible and affordable home automation technologies, thereby placing control directly into the hands of users. Operating within the Internet of Things (IoT) and home security sectors, Konnected has carved a niche by offering innovative products that integrate seamlessly with existing home infrastructures.

Key Strategic Focus

Konnected's strategic focus centers on converting outdated wired alarm systems into smart, connected devices. Their flagship product, the Konnected Alarm Panel, enables homeowners to repurpose existing sensors and integrate them with contemporary smart home platforms such as Amazon Alexa, Samsung SmartThings, Home Assistant, and Hubitat. This approach not only modernizes home security but also eliminates the need for monthly monitoring fees, offering a cost-effective solution for consumers. Additionally, Konnected has expanded its product line to include the Smart Garage Door Opener, further enhancing home automation capabilities.

Financials and Funding

In January 2022, Konnected successfully raised approximately $1.01 million through an equity crowdfunding campaign, valuing the company at $6.9 million. This funding is intended to accelerate product development and expand market reach. Prior to this, the company reported revenues exceeding $1 million in 2020, reflecting a 40% year-over-year growth. Konnected has maintained profitability, with a gross margin of 79% and a net income of $186,751 in the most recent fiscal year.

Pipeline Development

Konnected continues to innovate within the smart home security space. The company has introduced the Smart Garage Door Opener, designed to integrate with existing garage door systems and compatible with platforms like SmartThings, Alexa, Home Assistant, and Hubitat. Future developments include plans to support the emerging Matter standard, ensuring broader compatibility and future-proofing their product offerings.

Technological Platform and Innovation

Konnected's products are built upon open-source technologies, emphasizing flexibility and user control. The Konnected Alarm Panel utilizes ESPHome firmware and integrates with various smart home platforms through open REST-based APIs. This open-source approach allows for extensive customization and fosters a strong community of users and developers. The company's commitment to innovation is evident in its continuous product enhancements and responsiveness to user feedback.

Leadership Team

Nate Clark: Founder and CEO, with a background in software development and a passion for home automation.

Rory Nolan: Head of Partnerships, joined in March 2023, focusing on strategic collaborations and market expansion.

Oskar Smith-Bey: Head of Content, responsible for overseeing content strategy and community engagement.

Leadership Changes

In March 2023, Rory Nolan was appointed as Head of Partnerships, bringing expertise in strategic alliances and business development to the team.

Competitor Profile

Market Insights and Dynamics

The smart home security market is experiencing significant growth, driven by increasing consumer demand for connected and automated home solutions. The market is characterized by rapid technological advancements and a shift towards DIY installations, offering consumers more control and flexibility.

Competitor Analysis

Konnected operates in a competitive landscape with several notable players:

tado: Specializes in energy conservation technologies, offering heating control systems for homes and small businesses.

Yonomi: Provides an IoT integration platform that connects various smart home devices, enhancing interoperability.

Sevenhugs: Focuses on reinventing home technology experiences, offering products like smart remotes for seamless device control.

OWLR Technologies: Develops software solutions for smart home security, including camera management applications.

These competitors offer diverse solutions within the smart home ecosystem, each with unique features and market approaches.

Strategic Collaborations and Partnerships

Konnected has established significant partnerships to enhance its product offerings and market presence:

Hubitat: In November 2023, Konnected partnered with Hubitat to integrate its Garage Door Opener with Hubitat's smart home platform, expanding compatibility and user options.

SmartThings: In May 2023, Konnected integrated its Garage Door Opener with Samsung's SmartThings platform, broadening its reach within the smart home community.

Amazon Alexa: In April 2023, Konnected's Alarm Panels were integrated with Amazon Alexa, allowing voice control and enhanced user experience.

Operational Insights

Konnected's strategic focus on open-source technology and user empowerment differentiates it from competitors who may offer more proprietary solutions. By enabling homeowners to repurpose existing hardware, Konnected provides a cost-effective and flexible alternative to traditional home security systems. The company's commitment to community engagement and responsiveness to user feedback further strengthens its market position.

Strategic Opportunities and Future Directions

Looking ahead, Konnected aims to expand its product line to include additional smart home devices, further enhancing home automation capabilities. The planned support for the Matter standard positions the company to capitalize on emerging industry trends and ensures compatibility with a broader range of devices and platforms. By maintaining its focus on open-source principles and user-centric design, Konnected is well-positioned to continue its growth and innovation within the smart home security market.