Thiel is known for backing transformational technology companies. A venture capitalist and entrepreneur who co-founded PayPal, Thiel was the first outside investor in Facebook and is one of the largest shareholders of Airbnb.

“For Peter and Solamere to place their confidence in Vivint as the smart home leader is a huge validation of what we have built and where we are headed,” said Todd Pedersen, founder and CEO of Vivint Smart Home. “The fact that they are investing in our future demonstrates their passion for our business and their vision for this industry. We look forward to working together to redefine the home experience.”

With more than one million customers and revenue of more than $650 million, Vivint is one of the largest and fastest-growing smart home companies in North America. Strategy Analytics estimates that the smart home market will reach $40 billion by 2020.

Vivint offers a custom platform with integrated smart home products, including smart door locks, thermostat, cameras, doorbell camera, cloud storage and an array of sensors. The company pairs its technology with in-home consultation, professional installation and support delivered by its Smart Home Pros, as well as 24-7 customer care and monitoring to provide consumers with a superior smart home experience.

In addition to its rapidly expanding product suite, Vivint has integrated leading smart home products into its Vivint Sky platform, including the Amazon Echo and the Nest Learning Thermostat.