IoT company Smartfrog takes controlling interest in Canary

TechCrunch | 10/15/2018 | Staff
Traight (Posted by) Level 3
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Things have been pretty quiet on the Canary front. In January at CES, the New York-based smart security startup released a stripped-down version of it its flagship camera. Beyond the odd software updates here and there, however, we haven’t heard much. This morning, however, the company announced some pretty big changes coming from the top, down.

Smartfrog, a German IoT company, has invested $25 million in the startup, bringing its total funding up to tk. With its investment, Smartfrog will also take a controlling interest.

Shakeups - Smartfrog - CEO - Charles - Fraenkl

That means some shakeups, up top. Smartfrog CEO Charles Fraenkl will retain the top spot at the combined companies, while Bob Stohrer, Canary’s CEO, will be put in charge of its New York-based operations. Former Canary CEO Adam Sager, meanwhile, will stay around in an advisory role, according to the company.

“We are very excited about the opportunities that derive from joining forces. Our businesses are extremely complementary and will enable us to scale the business faster globally,“ Stohrer told TechCrunch.

Standpoint - Move - Smartfrog - Foothold - States

From a strategic standpoint, the move gives Smartfrog a foothold in the States, while potentially affording Canary the...
(Excerpt) Read more at: TechCrunch
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