Leader in Innovative Smart Home Solutions, Sevenhugs, Has Raised an Additional $9 Million From Xerys Capital

SAN FRANCISCO,Dec. 12,2019 -- After a first round of $1.7M and a second of $14.6M from Xerys Capital,the Paris Region Venture Fund,managed by CapDecisif Management,NovX (the Noveo Group's investment vehicle) and various business angels,Sevenhugs has raised an additional $9M from Xerys Capital in order to further develop and distribute their smart home solutions both in the U.S. and globally.

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In 2018,Sevenhugssuccessfully launched the world's first remote control with a precise indoor positioning system. Using Ultra-Wide Band (UWB) technology,Sevenhugs' spatial awareness technology offers contextual and intuitive control of devices and services within the digital home (TV,music,smart home devices and streaming services).

With Smart Remote,Sevenhugsoffered a unique solution to a two-fold challenge:

Simplifying the interaction between the user and the digital home to make it more intuitive. Thanks toSevenhugs' contextual "point & control" technology,SmartRemote'stouchscreen automatically adapts to any device it's being pointed at: Simply point Smart Remote at the device you wish to control and the right display will automatically appear.

Unifying the experience of entertainment and smart home devices within a single platform. Smart Remote has the ability to control more than 650,000 products.

Smart Remote was successfully launched in 2018onlineatBestbuy.com and on the company's own website. Following successful sales,Sevenhugsentered into an exclusive distribution agreement with Best Buy in 2019,regarding Smart Remote U,which is now retailed in all 1,000 Best Buy stores,covering the entire U.S. territory.

Smart Remote has received more than 20 prestigious international awards,among those theRed Dot Design Awardand theiF DESIGN AWARD. Smart Remote is also on display and sold at the prestigiousMuseum of Modern Art(MOMA) in New York City.

Furthermore,Sevenhugsis strengthening its executive team in research and development in the areas of artificial intelligence and cloud platforms with the recent appointment ofJulienColafrancescoas the company's Chief Technology Officer (CTO) and the hiring of BaptisteDaroussinfor the position of VP Engineering:

Since 2015,JulienColafrancescohas been in charge of all developments linked with artificial intelligence and indoor positioning technology via Ultra-Wide Band (UWB),currently being used in the heart of Smart Remote. He has also contributed to the filing of Sevenhugs' 26 patents. Before joiningSevenhugs,Julienoccupied the role of Chief Scientific Officer atWeezic(acquired in 2014 bySmartMusic);

BaptisteDaroussin,has more than 15 years of experience in the development and deployment of large-scale cloud infrastructures and brings his strategic skills toSevenhugs. Before joiningSevenhugs,Baptiste was Head of Operations atVeepee(VentePrivée) and CTO atGandi.

To reinforce their ambitiousroadmap,Sevenhugshas grown its team to 35 engineers,five of whom specialize in artificial intelligence and are developing the innovations of tomorrow.

"Smart Home is in the process of becoming a mass market. There are already half a billion smart devices in U.S. households and more than 50% of American homes already have a smart home product,"affirmsSimonTchedikian,Founder and CEO ofSevenhugs,adding,"we are now getting requests from large groups and brands from across the world regarding our innovative solutions. We are extremely positive in regards to commercial prospects for 2020."

MichaelSchulhof,the former Sony President for the US andSevenhugs'sBoard member representingXerysstates:"Sevenhugshas succeeded,thanks to the design of an innovative technological product,and for taking up a first-rank position in the smart home space. Our objective is to accelerate its development with regard to the market's tremendous growth potential."

DominiqueLempereur-Babeanu,Sevenhugs'sBoard member representingXerysproclaims: "I am happy to reiterate the trust and support fromXerysCapital,which has helped the company's development since the spring of 2016. The contract offered by Best Buy in the U.S. is a unique opportunity forSevenhugsand terrific recognition of the creativity and the spirit of the company."

Sevenhugswill be attending theConsumer Electronics Show(CES)in Las Vegas this January (2020) to share its latest innovations with strategic partners and distributors. If you wish to gain more information onSevenhugs'ssolutions or make contact with the sales and business development teams,please contact:partners@sevenhugs.com

For press relations:press@sevenhugs.com

AboutSevenhugs:

Sevenhugsspecializes in the design of technological and innovative solutions that simplify the increasingly complex and fragmented digital home.Sevenhugs' vision is to advance the way we interact with technology in order to fuel adoption and engagement. It was founded in 2014 by four consumer electronic experts with more than 20 years of experience in semiconductors and mobile telecommunications.

Sevenhugslaunched Smart Remote into the U.S. market in 2018 and has been awarded more than 20 prestigious awards. Smart Remote is the first consumer electronics product in the world to integrate an ultra-precise indoor positioning technology.Sevenhugs' technologies are protected by more than 26 international patents,threeof which have already been delivered.

Sevenhugshas grown to become an international company of 45 employees,whose research,development and artificial intelligence center is located in Paris,France,its Sales and Marketing division in San Francisco and production line in China.

Sevenhugswas honored to receive an award at theInnovation Contestin February 2019,in the Deep Tech Digital category,sponsored by the French National Investment Bank,BPI France (www.bpifrance.fr).Sevenhugswas also awarded at theDigital Innovation Contestin 2017 and became the most acclaimed company at CES 2017 in Las Vegas,NV. They lifted more than 11 awards,among those the highly prestigiousBEST OF INNOVATION - CES DESIGN AWARDin the "Smart Home" category. The company also received theSeal of Excellencein 2017 from the European Commission in recognition of the company's extremely high innovation potential.

Contact:

SimonTchedikian,Founder and CEO

StéphaneJaubertou,Founder and COO

To find out more:www.sevenhugs.com–contact@sevenhugs.com- @sevenhugs_inc

AboutXerys:

XerysManagement is a portfolio management company specializing in private equity with an approach that makes the entrepreneur's vision central to its investment philosophy. It aims to support the managers ofXerysCapital portfolio companies at all stages of their growth,from venture capital to maturity.XerysCapital invests between 10 and 60million Euroin innovative companies in the health care,sustainable development and connected technologies sectors.

Contact:

OlivierOssipoff,President

olivier.ossipoff@xerys.com

To find out more: www.xerys.com

Related Files

20191211 - Press Announcement Sevenhugs - Xerys - vd-EN.pdf

20191211 - Communiqué Sevenhugs - Xerys - vd-FR.pdf

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