Tech entrepreneurs make return after seven-figure exit deal
Two tech entrepreneurs have unveiled the launch of a new smart home security start-up following their successful exit two years ago.
Robin Knox and Paul Walton grew payments system company Intelligent Point of Sale (IPOS) into an 80-strong business before selling to iZettle for a reported seven-figure sum in 2016.
The Swedish mobile payments company was in turn snapped up by PayPal earlier this year in a $2.2 billion deal.
The Scottish pair have now announced their return to the tech start-up scene with a new smart home security venture called Boundary.
It will launch in mid-2019 and will be targeting 100,000 homes in four years with £6 million in annual recurring revenues.
Knox had the idea for the business while on his honeymoon after realising if he got burgled all he could do was watch it unfold on webcam.
"As humans we all have a deep-rooted instinct to protect our property and our possessions," he explained.
"Effective home security should not just be something for the rich but for every homeowner, from first time buyers in a terraced house or a pensioner living in a bungalow, to young professionals in rented accommodation.
"Our aim is to bring crime rates down by making our homes safer."
The entrepreneurs have personally invested £300,000 in Boundary and plan to raise a total of £1.5 million to bring the product to life. An investment round is expected to close in November with a Kickstarter campaign also planned to go live in October.
Boundary’s bosses said they expect to create "a significant number of new jobs" in tech, sales and marketing, and plan to leverage AI technology to create innovative solutions including a camera which learns as it watches.
Walton added: "There is a massive opportunity that is not being addressed by incumbent UK alarm systems either by budget players or high end to develop an easy to install wireless home security system.
"The market for burglar alarms is ripe for disruption with poorly featured legacy systems and undervalued customers creating a gap in the market for a trusted low cost monitored security solution that is easy to install and operate.
"Our alarm will comply with strict EU and British standards to allow for police monitoring options at an affordable price."
Knox and Walton have become increasingly active in Scotland's entrepreneurial ecosystem since their IPOS exit, having invested £500,000 into early-stage businesses in the last year.
In 2017 Knox founded tech accelerator Seed Haus and Walter later joined as a partner and investor.