LifeShield Security, an all digital home security system, has closed its second round of funding.
Formerly InGrid Home Security, LifeShield is the first national, professional grade and professionally monitored wireless security system that can be set up through a "plug and protect" process.
Since December 2009, LifeShield has raised nearly USD11m in business enterprise funding through two separate funding events. First round investors were Associated Partners, CenterPoint Ventures, Novak Biddle Venture Partners, Novitas Capital and former NutriSystem chief executive Michael Hagan.
Second round investors include earlier investors Associated Partners, CenterPoint Ventures, Novitas Capital and Hagan, with new additional funding coming from First Round Capital, MHS Capital, and NewSpring Growth Capital.
"We were thrilled when Mike Hagan agreed to bring his proven leadership skills and extensive marketing experience to work with founder Louis Stilp on his industry-changing technology and products," says David Berkman of Associated Partners. "The home security business is more than ready for a new player that offers consumers a better all around value."
Hagan joined the company as president and chief executive officer in December 2009 and is also a significant investor in the company.
"I chose to invest in this company both professionally and financially because I see a huge opportunity here. This industry is essentially dominated by two national security companies operating under a business model designed to hold customers hostage with long-term contracts, high monthly monitoring fees and exorbitant installation costs," says Hagan. "The technology behind LifeShield allows us to offer an exceptional, multi-functional home security system that is in keeping with today’s technologically-advanced, wireless consumer. And by removing the unnecessary middleman, we can deliver major cost-savings right back to our customers."
Funds will be used to fuel the re-launch of the business under the new LifeShield brand, as well as a national media awareness campaign employing national television, print, internet, and radio to acquire new customers.
