Control4, a company developing IP-based systems for home control and entertainment systems, announced it has secured an additional $17.3 million in equity financing.
Best Buy Capital, the venture arm of retailer Best Buy (NYSE: BBY) participated in the round, suggesting a possible outlet for the technology.
Other new ivestors include Mercato Partners and University Venture Fund joining current investors Foundation Capital, Frazier Technology Ventures, Thomas Weisel Venture Partners and vSpring Capital.
Funds will be used to accelerate Control4’s development in energy management systems and home energy displays for the company’s emerging Advanced Metering Infrastructure (AMI) products. A portion of the financing will be used to extend Control4’s sales channels.
The company’s Home Area Network (HAN) include energy management systems that allow customers to view real-time energy usage information.
Using ZigBee, Wi-Fi and Ethernet standards, Control4’s systems could be used to automate thermostats, lights, spas or pools, sprinklers and other home systems.
In the U.S. alone, 25.3 million ZigBee meters (16% of all meters installed) represent a large HAN market, Control4 said.