Rithum, a smart technology system designed to seamlessly integrate into your home or business, has secured £250k in a seed round led by early-stage focused venture capital firm Jenson Funding Partners, with participation from the Capital Pilot Boost Fund as well as crowd investors.
The company’s Crowdcube campaign raised £87k. The seed funding will be used to launch an enhanced version of its product, further develop its hardware and software plug-in technology, and attract top software engineering talent.
The smart home and IoT market continues to grow by more than five percent each year and is expected to reach £207.8bn by 2026. These devices are used in homes and industry settings, but to achieve full control of an environment, it often requires multiple devices that can be complex to set up.
Rithum aims to solve this issue and has developed the SmartSwitch Lite, a control panel that replaces a standard light switch and combines audio, lighting, and climate control into a singular system. Users can change the settings of the panel depending on their personal preferences, without the need for an additional app or secondary device. In January 2023, the SmartSwitch Lite’s successor will become known as Rithum Switch.
Ryan Ovens, Founder and CEO of Rithum said: “After over a decade of designing luxury smart home systems and also as a consumer myself, I’ve seen the challenges first-hand in the market. Too often, it’s nearly impossible to find a smart system with premium usability without the luxury price tag.
“Online systems lack the finishes and options to be fully functional in a home space, and it’s complicated to choose compatible systems, let alone set them up then keep them working. We think that by focusing on one control panel that can be effortlessly implemented, used, and maintained, the entire market will open up – and this latest round of funding will enable us to hire the talent we need to get there.”
Sarah Barber, CEO of Jenson Funding Partners said: “It’s rare that you see premium smart technology like Rithum’s that is actually accessible, and that can be adapted so easily to the user’s needs. SmartSwitch Lite, and soon Rithum Switch, can be used by all to fit personal and professional spaces.
“We are very excited to be investing in a company that truly puts the needs of the everyday user at the forefront of their business model.”