Smart home company Brilliant, which reportedly laid off most its staff and shut down support centers in May, is getting another chance at life after the company was sold to an investment group.
According to the company, Brilliant has been acquired by a private investment group, Almeida Strategic Investments, led by brothers Evan and Michael Almeida, in partnership with David Blum, owner of Cullinan Holdings.
The San Mateo, Calif.-based company that makes smart home control panels, switches and plugs, will now operate as Brilliant NextGen, Inc., will now focus more on the professional builder and property management markets, according to Brilliant’s statement. The company cites professional builders, developers and custom integrators among its partners.
“We are delighted to partner with our investors as we continue to innovate smart home solutions that enhance the lifestyle, comfort, and security our customers and partners depend on,” said Lisa Petrucci, the new CEO of Brilliant NextGen, Inc, in a statement.
“This investment strengthens our collaboration with professional builders, developers, and custom integrators, enabling us to simplify and enhance smart home control, configuration, and management for homeowners and residents. Our investors’ deep experience in the building market makes them a valuable ally as we accelerate adoption through major community developments and multifamily projects.”
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Brilliant’s History of Financial Struggles Attributed to ‘Slow Growth’ of Smart Home Adoption
Brilliant, founded in 2016, markets itself as a unified smart home control solution featuring an in-wall control panel, over-the-air feature updates, automation, mobile control, and more. The slightly new focus for Brilliant capitalizes on the increasing interest among the professional builder community, which is eager to differentiate their offerings with tech-equipped homes.
Brilliant says it also wants to capture the multifamily property management market, as smart home solutions can lower operating costs and mitigate risks related to unit turnover, property access, maintenance and asset protection.
Earlier this year, it was reported that former CEO Aaron Emigh said company was struggling and was entering into an asset sale phase, despite raising $60 million shortly before, receiving a substantial investment from Resideo in the process.
“[The company] will be sold. We have a number of interested parties, and we will run a very quick bidding process and sell it,” said Emigh.
The failure, Emigh believes, is largely due to what he perceives as slow growth within the smart home space.
“If it had achieved that 20 percent year-over-year growth rate, the market would be 4.3 times as big as it is today,” he said in the interview. “Launching a new product category in a slower market than was expected has been difficult.”
Cost of the panels may have also been an issue, as the cheapest control panel started at $399. Issues with interoperability were also cited.
Shortly before the reporting of the company’s troubles, Brilliant’s support offerings went dark, kicking off speculation into the company’s financial wellbeing.
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