Lawyers from Irwin Mitchell’s Sheffield office have helped Leeds-based smart home security company, Cocoon Alarm secure a £2 million seed investment from Aviva Ventures and Breed Reply Investments.
Andrea Cropley and Michael Hall advised Cocoon on the deal, which was the first carried out by Aviva Ventures. It will help Cocoon to develop its Subsound™ product which detects subtle sounds and vibrations from activity in any room and on any floor in a home.
Cropley, who is part of Irwin Mitchell’s corporate team said: “Cocoon is a superb example of an early stage company with a really exciting product and a strong management team which has made them so attractive to investment.
“This latest investment is another important milestone in the company’s journey and I am delighted to have played a role in the deal.”
Sanjay Parekh, Cocoon Co-Founder said: “This significant investment will help us deliver our innovative Subsound™ technology and the first stage of our operational plan. We’re already putting the funding to good use, aggressively expanding our engineering teams, marketing plan, and ensuring that we have sufficient capital to launch successfully in the first half of 2016.”
Ben Luckett, managing director at Aviva Ventures, said that the company aimed to invest in the best new technology and digital businesses.
“It’s highly appropriate that our first investment is with Cocoon. It is an exciting new business which combines a unique product, pioneering technology and a strong management team in a home security sector which is set for significant growth,” he added.