Home services giant Frontdoor acquires Portland augmented reality startup Streem
Publicly-traded home services giant Frontdoor has acquired Streem, a Portland, Ore.-based startup that develops augmented reality technology for home improvement technicians. Source: GeekWire article.
Terms of the deal were not disclosed. Frontdoor bought Streem with a combination of cash and equity, including incentive-based equity. Streem’s CEO and co-founder, Ryan Fink, and the rest of the team, will remain in Portland.
Founded in 2017, Streem aims to give home service professionals a way to more quickly diagnose and quote a customer’s inquiry via new smartphone technology. Customers can use Streem’s app to stream HD video of their given issue to the professional, who can then use a digital toolbox to take measurements and other notes. Computer vision technology can automatically detect the brand and model number of a part or appliance. Professionals can guide the conversation with a laser pointer and use arrows anchored to a 3D map of the space. The photos, videos, notes, and data stay saved on the app.
The idea is to help professionals assess a problem during a “virtual visit” and gather the necessary tools, all before they physically enter a home.
Streem had raised more than $10 million from investors including Flying Fish Partners; Greycroft; Curious Capital; Oregon Venture Fund; Portland Seed Fund; TechNexus; Rogue Venture Partners; Betaworks Ventures; GGV Capital; General Catalyst; Loup Ventures; and others.
Earlier this year Streem acquired Selerio, a computer vision startup based in the U.K. that spun out of research from the University of Cambridge and a Google fellowship.
“Combining Streem’s AR-enhanced platform with Frontdoor’s marketplace, will accelerate the transformation of the service experience for consumers and businesses alike,” Fink said in a statement. “We’ve long said our platform is defined by three key pillars: remote video collaboration, simple augmented reality tools, and, most importantly, contextual data. This allows service experts to capture information as well as – if not better than – if they were on site. Our shared visions for simplifying life and delivering innovative technology to help solve problems are extremely aligned.”