Cocoon: The Internet of Things venture with a fantastic five at the helm
2 min read
03 March 2016
The saying goes that too many cooks spoil the broth, but what about too many founders? No such thing, it seems. Cocoon, an Internet of Things enterprise with five leaders responsible for its launch, has been named in our Everline Future 50 2016 as it seeks to secure, and smarten up, the home – entering a $35.3bn market.
Date founded: 2014
Founders: Dan Conlon, Colin Richardson, Sanjay Parekh, Nick Gregory and John Berthels
The Internet of Things (IoT) is an increasingly popular sector, which even the government has recognised through various initiatives and funding campaigns. And as technology continues to evolve, so too are the ideas from innovators.
Cocoon is a prime example of that trend. The IoT business was founded by a fivesome that boasts three UK tech exits between them – Humyo, DonHost and Webexpenses at $18m and $11m respectively, while the latter was bought for an undisclosed amount.
Seemingly on a quest to create an even bigger business with their collective entrepreneurial flair, the team hopes to secure a place in the smart home sector that’s set to rise to $35.3bn by 2020.
This will be achieved with IoT security device Cocoon, which is developed to protect the entire household with a simple design set to put customers at ease. Indeed, it’s built with that philosophy in mind – that people just want tech to work without unnecessary complications.
An all-in-one device, it uses sound and machine learning to monitor regular and irregular activity in the home by recognising the usual patterns and alerting the users of anything unusual with a smartphone notification.
Additionally, Cocoon is able to use the location of residents’ mobiles to tell who’s indoors – and if anyone shouldn’t be.
The company launched back in December 2014 on Indiegogo and its $100,000 target was reached by more than double, coming out 230 per cent funded.
With the product set to be distributed from April 2016, the company has bolstered the team which has more than tripled in size since the beginning – aided by more than $4m of venture capital.