The founder of an intelligent home system, Wondrwall, has expressed significant ambitions following the launch of the consumer product.
A year after initial discussions about the smart home solution, Wondrwall’s scope has expanded to include insurance and energy solutions. Essentially, Wondrwall features a series of smart light switches integrated with more than 100 sensors, enhancing home efficiency. These sensors automatically control heating and lighting and incorporate microphones and speakers, enabling voice control via Amazon Alexa and music playback through Sonos.
Following four-and-a-half years of development, Wondrwall is now available in show homes across the UK, with 89 major housebuilders incorporating the technology into their offerings. Founder Daniel Burton targets revenue of £49 million within the next 18-24 months, based on existing customers and their construction projects. Plans include expansion into the Nordics and potential entry into the American market by the end of 2019. Burton emphasised the importance of proving the business model in current markets before expanding further.
Consumers can currently purchase the system, priced at approximately £1,330 for a typical three-bedroom house and £756 for a two-bedroom apartment. New-build integrations cost around £1,200. Burton highlights the security benefits, noting that the system’s cost-effectiveness compares favourably to traditional alarm systems.
Additionally, Wondrwall’s insurance product is set to launch on November 1, offering six months of free home and contents insurance. Burton describes the offering as highly intelligent, with the system’s sensors providing detailed information in the event of a break-in. This enables the insurance company to respond swiftly, potentially reducing costs and improving efficiency. Burton states, “Because we understand risk, it’s a lot more cost-effective for us to insure the home so we can undercut the market.”
The company is undergoing its first funding round since a £2m financing package in 2016. Moreover, Wondrwall is targeting the energy market, with Burton predicting the decline of traditional energy companies within the next decade. Wondrwall has secured exclusive rights to a significant battery technology from China, akin to Tesla’s powerpacks. This technology will allow homes to store energy during off-peak times and use it during peak hours, potentially enabling energy trading between homes.
Reflecting on the development process, Burton acknowledges the challenges faced in taking products to market, emphasising the unexpectedly lengthy and complex nature of hardware production. Despite these obstacles, Burton remains optimistic about the future, both in terms of product expansion and market penetration.
With its diverse product offerings and ambitious expansion plans, Wondrwall is poised to make a significant impact in the smart home, insurance, and energy markets.