Samsung Electronics to acquire VC-backed SmartThings

The size of the transaction was not disclosed.

Set up in 2012, SmartThings allows its users to monitor, control, and automate their homes by managing internet-connected devices through a single mobile app. The platform currently supports more than 1,000 devices and 8,000 apps created by its community of inventors and developers.

To date the company's has raised $15.5 million in VC funding. Previous backers include Greylock Partners, Highland Capital Partners, First Round Capital, SV Angel, Lerer Ventures, A-Grade and CrunchFund.

Following the acquisition, the company will continue to operate independently under its founder and CEO Alex Hawkinson. It will also become part of the Samsung Open Innovation Center (OIC), which is responsible for bringing software and services innovation to Samsung Electronics. The company will move its headquarters from Washington D.C. to Palo Alto in California.

"Connected devices have long been strategically important to Samsung and, like Alex and his team, we want to improve the convenience and services in people's lives by giving their devices and appliances a voice so they can interact more easily with them," said David Eun, the head of the OIC, in a statement.

Established in 2013, the OIC has offices in Mountain View, Palo Alto, New York City, and Suwon, South Korea. It supports start-ups and entrepreneurs through investments, acquisitions, partnerships and the Samsung Accelerator.

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