VC fundraising for smart home companies
Smart home venture has concentrated around platforms and brands with credible subscription attach. Standalone connected hardware has faced a tougher environment as investors weigh hardware margins against ongoing software and services revenue. Strategic interest from the major platform players remains real.
The investors that matter are the hardware-friendly consumer funds and a few specialist IoT funds, with the platform CVC arms - Google Ventures (and the Nest-adjacent investment pipeline), Amazon Alexa Fund and Samsung NEXT - writing at the platform-adjacent end. They all read deferred revenue, attach rate by cohort and LTV-to-CAC reconciliation as primary diligence items. Flow has direct relationships across this set.
Flow has experience running VC fundraising processes for smart home companies across security and monitoring, climate and energy, lighting and access, connected appliances and platform layers. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"Smart home" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
Hardware revenue
Subscription revenue / ARR
Attach rate
Subscription churn
Hardware gross margin
Subscription gross margin
Active devices / subscribers
CAC payback
LTV / CAC
Warranty & returns reserve %
Smart home valuations in May 2026
Public smart home comps trade at 3.0x EV/Revenue. Median revenue multiple across smart home VC rounds was 9.8x in the last 12 months.
3.0x
Median EV/Revenue as of May 2026 for public smart home companies
3.9x
Johnson Controls is the highest valued public smart home company based on EV/Revenue (excluding outliers)
2.2x
Median EV/Revenue across smart home M&A deals in the last 12 months
9.8x
Median EV/Revenue across smart home VC rounds in the last 12 months
Key recent smart home VC rounds
$230M Series B raised by Armada was the largest smart home VC round completed in the last six months.
See all smart home VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
May-26 | Armada |  | Armada provides an Edge Platform combining connectivity, AI compute, and management for remote operations in oil & gas, manufacturing, and logistics. Products include Atlas for asset monitoring and Galleon rugged data centers. The marketplace offers third-party hardware and software integrations. | Blackrock InvestmentFelicis+10 | $230M | $2.0B | Series B | |
Dec-25 | ICEYE |  | ICEYE is a Polish/Finland-headquartered satellite operator managing the largest synthetic aperture radar constellation for Earth observation. Its smallsats deliver all-weather radar imagery for flood detection, insurance damage assessment, oil spill monitoring, and ship tracking. Clients in government, reinsurance, and defense sectors task satellites for data capture within hours. Founded in 2014, ICEYE builds and launches radar spacecraft from sites in Finland and the United States. | A.P. Moller HoldingBpifrance+10 | $176M | $2.8B | Series E | |
May-26 | RADAR | | RADAR is a retail technology platform merging RFID tags and computer vision for store operations. Deployed in physical retail locations, it conducts automated inventory audits, monitors shelf replenishment, tracks customer interactions for analytics, and powers cashierless checkout systems. RADAR equips brick-and-mortar chains with e-commerce-level insights into stock and shopper behavior. | Align VenturesGideon Strategic Partners+1 | $170M | $1.0B | Series B | |
Apr-26 | Black Lake Technologies |  | Black Lake Technologies is a Shenzhen-based provider of manufacturing collaboration platforms using mobile, IoT, and web technologies. Its solutions capture real-time data from factory floors for visualization, monitoring, and analysis, enabling decisions from executives to line workers. Clients include Fortune 500 manufacturers in electronics and automotive sectors across China. | - | $146M | - | Series D | |
Apr-26 | Xoople |  | Xoople is an earth intelligence company that leverages satellite imagery and AI to monitor physical changes on Earth's surface. Its platform delivers actionable insights for industries including agriculture, forestry, and urban planning. Headquartered in Europe, Xoople serves clients seeking systematic analysis of environmental shifts through high-resolution data processing. | Buenavista Equity PartnersCentre for the Development of Industrial Technology (CDTI)+3 | $130M | - | Series B | |
Dec-25 | Exein |  | Exein is an embedded cybersecurity provider for IoT and connected devices in automotive, industrial, and consumer markets. Its firmware-integrated platform delivers runtime threat detection, behavioral analysis, and automated response without hardware modifications. Compatible with FreeRTOS, Zephyr, and Linux, Exein offers SDKs and APIs for developers. Barcelona-headquartered, it partners with chipmakers like STMicroelectronics for edge security. | Blue Cloud VenturesGeodesic Capital+3 | $118M | $822M | Undisclosed stage | |
Feb-26 | ZaiNar | | ZaiNar is a U.S.-based location tracking technology firm utilizing passive radio signals from cellphones, IoT devices, and chipless RFID tags. Its platform achieves sub-meter accuracy over 200-meter ranges for real-time asset monitoring in logistics, manufacturing, and security applications, outperforming GPS in scalability and cost. | Jaan TallinnJerry Yang+3 | $100M | $1.0B | Series B | |
Dec-25 | Axiado Corporation Inc | | Axiado Corporation Inc is a San José-headquartered semiconductor firm that develops hardware root of trust solutions through its trusted control unit processor featuring per-system artificial intelligence. The company delivers the Zero-Trust Secure Vault boot and authentication core alongside Secure AI engines to protect cloud infrastructures, 5G base stations, enterprise networks, and IoT edge devices against perimeter breaches. Founded in 2017, Axiado utilizes RISC-V architecture in its processors to enable secure boot processes and runtime integrity verification for servers and embedded systems. Its technology integrates directly into silicon for platforms from hyperscale data centers to industrial IoT deployments. | Crosslink CapitalMaverick Silicon+3 | $100M | - | Series C | |
Apr-26 | Wiliot |  | - | Avery Dennison | $75M | - | Strategic investment | |
Jan-26 | Uni-Ubi | | Uni-Ubi is a Taiwan-headquartered provider of AI and IoT solutions for smart city applications. The company develops facial recognition terminals integrating QR codes, fingerprint scanners, and card readers with a detection range from 0.3 to 2 meters. These devices support 4G connectivity and operate in waterproof, low-temperature conditions for communities, offices, hotels, and construction sites. Uni-Ubi focuses on eco-friendly access control systems enhancing security and efficiency in urban environments. | Bojiang CapitalCrewstone International+3 | $74M | - | Undisclosed stage | |
Dec-25 | FullDepth |  | - | Aozora Corporate InvestmentBeyond Next Ventures+7 | $61M | - | Series D | |
Feb-26 | Metiundo |  | Metiundo is a Berlin-based provider of hardware and software solutions for capturing property consumption data. The company installs metering equipment and supplies digital processing tools alongside a centralized platform for data oversight and management. | Octopus Energy generation | $47M | - | Series A | |
Feb-26 | constellr | | constellr is a Berlin-based space technology company developing hyperspectral imaging satellites for agriculture and environmental monitoring. Its constellation provides data on soil health, crop performance, and carbon sequestration, serving global farming operations and climate initiatives. | Alpine Space VenturesBayern Kapital+9 | $44M | - | Series A | |
Dec-25 | Kargo | | Kargo is a Chicago-headquartered industrial AI company providing smart loading dock sensors for freight verification. The platform scans labels, cases, and product conditions on incoming and outgoing shipments, aggregating data for real-time material flow analysis. Shippers and carriers use Kargo's tools to optimize dock operations, evaluate suppliers, and integrate with warehouse management systems across North American logistics networks. | AvenirGreat Oaks Venture Capital+5 | $42M | - | Series B | |
Dec-25 | Zhuoyi Zhineng | | Zhuoyi Zhineng is a developer of unmanned aerial vehicle systems based in China. | Hangzhou Low Altitude Industry Development | $29M | - | Series C |
VC investors active in smart home
Techstars is the most active VC investor across smart home, having invested in 43 startups in the last three years.
See all smart home VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Techstars | | Techstars is a Boulder-headquartered global network founded in 2006 that operates over 50 accelerators annually across 15 countries. It invests $120,000 in exchange for 6 percent equity in 500 startups yearly, spanning AI, sustainability, and healthcare. The firm manages a venture fund deploying capital into alumni companies and runs corporate partnerships with brands like Amazon and Barclays for innovation pilots. Techstars portfolio exceeds 3,500 companies valued over $15 billion collectively. | SeasatsIntuosJP Technet+2 | 43 | Series A | |
Antler |  | Antler is a Singapore-headquartered global venture capital firm founded in 2017 that invests in early-stage tech companies. It operates day-zero programs in 27 cities, backing 1,000+ startups with $100 million deployed annually across AI, fintech, and sustainability. Portfolio includes unicorns like Hold One and Tiqets, with a network of 3,000 mentors and 700+ investors for follow-ons. | MagnefyInRealityKahu+2 | 15 | Pre-seed | |
Y Combinator | | Y Combinator is a San Francisco-headquartered startup accelerator that funds and mentors early-stage technology companies across sectors like software, biotechnology, and fintech. Since its inception in 2005, it has propelled alumni including Airbnb, Dropbox, and Stripe through intensive three-month programs featuring Demo Days and investor networks. | GridwareHubble NetworkEmbedder+2 | 12 | Pre-seed | |
European Innovation Council |  | The European Innovation Council is the European Union's flagship program for breakthrough innovations. Headquartered in Brussels, it provides grants and equity investments totaling over €10 billion through 2027 under Horizon Europe. It supports high-risk, high-potential projects via Pathfinder for early-stage research, Transition for scaling prototypes, and Accelerator for startups and SMEs with investments up to €17.5 million per company. The EIC co-invests with private venture capital in deep-tech ventures exhibiting strong ESG impacts, having backed over 800 companies since 2018 including over 60 unicorns. It partners with EIC Fund for equity stakes and coordinates jury evaluations from industry experts. | EnduroSatONiOWi Charge+2 | 9 | Seed | |
CDP Venture Capital | | CDP Venture Capital Sgr manages the National Innovation Fund in Italy, channeling investments into deep tech startups and scaleups. Rome-based, it supports hardware, biotech, and AI ventures to foster the domestic venture ecosystem under public-private partnerships. | FinappW•SENSEEkore+2 | 7 | Series B | |
Lowercarbon Capital | | Lowercarbon Capital invests in climate technologies targeting atmospheric CO2 reduction through its San Francisco headquarters. The venture firm, launched in 2020, funds carbon removal projects, direct air capture, and engineered biology startups. Lowercarbon backs companies like Twelve for CO2-to-materials conversion and supports hardware innovations in methane mitigation. | QuiltGridwareMatter Intelligence+2 | 7 | Seed | |
Founders Fund | | Founders Fund is a San Francisco-headquartered venture capital firm founded in 2005 that invests across all stages in revolutionary technologies. Sectors include aerospace, artificial intelligence, advanced computing, energy, health, and consumer internet. Portfolio companies encompass SpaceX, Palantir Technologies, Stripe, and Anduril. The firm maintains a global presence with offices in San Francisco and Miami. | ArmadaAirGarageKargo+1 | 6 | Series B | |
BDC Capital |  | BDC Capital is the venture arm of the Business Development Bank of Canada, based in Montreal. It offers mezzanine, cash flow, and quasi-equity financing to mid-market companies undergoing growth or ownership transitions. The division supports Canadian firms in manufacturing, tech, and services with investments from $5 million to $100 million, drawing from BDC's $40 billion portfolio. | MarineLabs Data SystemsDimOnOffBlumind+2 | 6 | Seed | |
Mitsubishi UFJ Capital | | Mitsubishi UFJ Capital is a Tokyo-based venture capital firm that invests in life sciences, information and communications technology, and high-technology startups. Its portfolio includes biotechnology firms developing gene therapies and AI software companies in semiconductors. The firm supports early-stage to growth investments through direct deals and funds. Operating since 1971, it partners with Mitsubishi UFJ Financial Group for deal sourcing across Japan and Asia. | LiLzNatureAeterlink+2 | 6 | Series B | |
Industrial Bank of Korea |  | Industrial Bank of Korea is a financial institution domiciled in Korea. It offers financial services such as foreign exchange, remittances, and digital banking. Its products include deposit accounts, debit cards, and remittance options for foreign customers. The bank provides personal banking and wealth services for individuals, and loans, overdrafts, and credit facilities for businesses. It operates through a broad branch network and mobile-banking platforms. The company principally earns revenue from interest income. | HT BeyondFIRMMITWEFLO+2 | 6 | Series B |
Founders and investors we've worked with
We've supported winning builders across smart home and beyond.
AVE & YOU
We acted as fundraising advisor to AVE & YOU, a Berlin-based beauty-tech DTC brand and personalized skincare platform, supporting its capital raise to fuel growth.
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Orka
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
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GoTrendier
We advised GoTrendier, the leading second-hand fashion marketplace in LatAm (Mexico and Colombia), on its $14m Series B fundraise led by IDB.
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Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
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Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
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