Connected home startup Control4 files for an IPO for up to $60M

Decade-old smart home startup Control4 filed for an IPO on Monday, which could see it raise up to $60 million if it goes public.
Control4 makes software that connects home devices and appliances including lights, door locks, video cameras, and security systems. The company said in its filing that it’s connected 120,000 homes with its smart software, and generated $109.5 million in revenue in 2012, with a net loss of $3.7 million for 2012.
The market for connected home devices has been growing steadily for a variety of reasons. More service providers like cable companies and telcos have been offering smart home services. The prevalence of home Wi-Fi networks has enabled home owners to begin to connect a variety of wireless devices in homes. And bandwidth to homes is now high enough to enable many home owners to do things like remotely check video camera streams from a mobile phone.
Control4 also revealed in its filing that it discontinued its energy product line for utilities, which it launched a few years ago. The company said as a result it incurred an expense related to an inventory purchase commitment and ended up paying a fee to a partner to terminate the arrangement. PG&E had been piloting some of its utility home energy products.
Control4 intends to file on the Nasdaq under the symbol CTRL. The company has yet to turn a profit and has a deficit of $107.1 million as of March 31, 2013. The startup also contracts out manufacturing of hardware products, and works with Sanmina and LiteOn and other contract manufacturers in Asia.
Foundation Capital owned 28.5 percent of shares before the IPO; Thomas Weisel Venture Partners owned 16.4 percent; Signal Peak Ventures owned 12.7 percent; Frazier Technology Ventures owned 12.3 percent; Cisco Systems owned 10.8 percent.