PALO ALTO, CA -- (Marketwired) -- 09/30/15 -- People Power, a user engagement company providing apps, cloud and mobile services for the Internet of Things (IoT), today announces $4.4 million in Series B funding led by MediaTek, a leader in power-efficient, highly integrated IoT chipsets and technologies. People Power will use the funding to further accelerate its penetration in the IoT market in both the U.S. and China, develop new IoT products based on its Fabrux and Influx software architecture, and make additional hires in sales, marketing and engineering.
People Power differentiates itself in the IoT market with its focus on the mobile user experience. Its award-winning app Presence reimagines spare smart devices into Internet security cameras and gives users the ability to secure and control their homes from their mobile device. The Presence app's freemium model enables consumers to first become familiar with the many benefits of IoT technology before making a large investment, unlike other 'smart home' services that require a significant initial outlay and monthly recurring fees.
According to a recent BI Intelligence Report, the Internet of Things will add $1.7 trillion in value to the global economy. However, Acquity Group shows that there is still a great amount of adoption to be had for the technology. With this Series B funding, People Power is poised to become one of the major forces driving the IoT into mainstream consumer adoption.
"This additional funding is a huge vote of confidence in People Power's vision of mass adoption of connected home products, as well as our long-term potential in the market," said Gene Wang, CEO and co-founder of People Power. "By promoting a freemium model for IoT products and services, People Power offers consumers easy access to the technology. Instead of requiring enormous upfront costs and ongoing monthly fees for smart services and devices, we enable consumers to purchase inexpensive hardware, and provide the option to add monthly services when they are ready. Using a gradual approach to ease consumers into obtaining the benefits of the technology will help fuel the massive adoption of connected products."
Developers can also take advantage of Presence's simple and engaging design. Fabrux, People Power's connected home operating system, which is controlled through the Presence app, enables developers to create and deploy engaging IoT services, enhance their own platforms or integrate Fabrux with devices connected through existing frameworks and protocols, such as HomeKit, AllJoyn, ZigBee, Bluetooth and others. Already supporting more than 1.3 million devices, Fabrux helps any company strengthen its own unique vision of IoT and create new revenue opportunities.
For more information on People Power, please visit http://www.peoplepowerco.com/.
About People Power
Founded in 2009, People Power is an award-winning software company with a proud legacy in mobility and green technology. People Power Company offers the Internet of Things FabrUX software, which enables manufacturers and service providers to quickly launch products and services using ready-made cloud and mobile software stacks. People Power's intuitive consumer app, Presence, not only transforms spare smart devices into wireless video cameras for added security, but also expands to control modern smart homes and connect smart communities. The app is also available as a white-labeled software app framework. For more information, visit www.peoplepowerco.com.
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