IoT startup Notion draws $3.2 million in additional funding

Notion, a connected home startup headquartered in Denver, closed $3.2 million in additional funding as part of the second tranche of a previous seed round from last year.

XL Innovate led the deal with Liberty Mutual Strategic Ventures participating. Notion has now raised a total of 5.7 million dollars in addition to a successful Kickstarter. The company currently has 11 employees and has plans to expand to 25-30 over the next year.

Notion is pushing up against traditional home security systems and the DIY home security industry with its simple, low-cost, highly customizable sensors.

Using the power of mobile devices, the very small sensors can be placed doors toilets, and liquor cabinets to monitor an object’s temperature, natural frequency, and motion among other features.

Notion CEO Brett Jurgens said the company is looking to accelerate its go-to market plans and execute on larger partnerships. He said the company wants to partner with home goods manufacturers and “provide full home awareness.”

“We want to empower people to monitor what they want without having to choose devices,” he added.

Martha Notaras, a partner at XL Innovate which has also invested in insurance tech companies Slice Labs and Embroker said there is a lot of interest on the part of insurance companies to distinguish themselves.

Notaras noted that Notion already has 10,000 units in the market and will use the money to “prove that they can use insurance companies as a distribution channel and that they can add value to that channel in terms of reducing customer risk by getting into early risk detection systems on the side of the insurers.”