iControl Seeks $30M; Total Venture Funding to Exceed $75M

It takes a lot of capital to run a home automation business. Just ask iControl, which is seeking to raise $30 million on top of the $45 million-plus it has already raised.

iControl Networks Inc., a provider of remote home monitoring and control systems, filed a Form D with the SEC on April 8, indicating an offering amount of $29,999,436. The document shows that $28.5 million has already been spoken for, leaving $1.5 million left to sell.

Of that, $161,100 will go to pay off a bonus to one or more of the executive officers, directors or promoters listed on the form:

- Paul Dawes, iControl
- James Johnson, iControl
- Stephan Segouin, iControl
- Kip McClanahan, iControl
- Brian McCarthy, iControl
- John Doerr, KPCB Holdings
- Tom Proulx, iControl
- Bruce Sachs, Charles River Partnership
- Suzanne Bell, WSGR

iControl was founded in 2004 and found its first customer, ADT, in 2010. Since then, the company has also landed security manufacturer DSC and (we speculate) Comcast/Infinity.

The last fund-raising campaign for $23 million closed in mid-2009.

Earlier investors includeADT Security Services, Cisco, Comcast Interactive Capital and GE Security bought into iControl, Charles River Ventures, Intel Capital and the Kleiner Perkins Caufield & Byers (KPCB) iFund continued to invest after earlier rounds.

An iControl representative tells CE Pro the new round will involve some old and new investors.

Last year, iControl merged with competitor uControl (weControl?), which itself had raised $24 million. uControl's first customer has yet to be announced, but the combined company is gunning for the new Comcast Home Security business.

iControl's total venture founding will exceed $75 million when this Round D closes. That's how much competitor Control4 had raised through 2010. But Control4's recent $25 million infusion from "strategic investors" puts Control4 ahead. However ... if you count the $24 million raised by uControl, the two fundraisers are neck in neck.

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