Afero was recently named as an investment by Home Depot Ventures, a venture capital fund created to identify, fund, and accelerate emerging technologies that aim to improve the customer experience and shape the future of home improvement.
Afero was recently named as an investment by Home Depot Ventures, a venture capital fund created to identify, fund, and accelerate emerging technologies that aim to improve the customer experience and shape the future of home improvement. Home Depot Ventures participated in Afero's Series C financing after Home Depot's 'Hubspace, Powered by Afero' program scaled into a comprehensive Smart Home ecosystem.
"We are thrilled to have Home Depot Ventures as an investor in Afero," said Joe Britt CEO of Afero. "Home Depot's investment complements our commercial relationship, enabling their customers to transform their homes through the Hubspace portfolio of products. With 'Hubspace, Powered by Afero' the entire home can be controlled through the Hubspace mobile app or voice assisted services like Alexa or Hey Google. The future of the home is smart, and we look forward to serving Home Depot customers through the Hubspace program."
In today's world of vulnerabilities and security threats, Afero's third-party lab-certified no-compromise approach to delivering world-class security is critical for users, brands, and manufacturers. With an increase in demand for connected devices among consumers, retailers, and manufacturers, Afero's cutting-edge platform quickly enables secure device connectivity from manufacturing to consumer use. Afero's software enables secure communication across all types of smart home products.
By 2025, it is expected that the IoT market will grow to $1.6 trillion, as there is an insatiable desire to connect all consumer and enterprise devices. This rapidly growing connectivity has also brought on incidents of high-profile, and scaled, exploitation of these devices, underscoring the need for Afero's solutions.
Each year, The Home Depot recognizes suppliers that deliver new products that make projects easier and more efficient for its DIY and Pro customers. As evidence of the impact of the Afero platform, in October 2021 the 'Hubspace, Powered by Afero' program was named as First Runner Up in The Home Depot Innovation Awards for making a reliable smart home simple with an intuitive platform and easy-to-set-up products.