SmartRent, a company that connects property managers, owners and renters with smart home automation devices, has raised $32 million in its Series B funding round led by Bain Capital Ventures. SmartRent will use the funding to work with large-scale deployments, with the goal of having SmartRent-recommended products in over 20,000 units from apartment provider UDR, Inc. by the end of the summer. Currently, SmartRent has services over 40,000 units with IoT devices with another 66,000 planned for the rest of the year, according to their press release.
Working with architects building new complexes or updating existing properties, SmartRent helps owners and property managers save money and manage their properties more efficiently. The company also handles installation, activation, and training property managers on usage. Lucas Haldeman, founder and CEO of SmartRent, said,
“SmartRent continues to perform well as multifamily organizations that own and control more than 1.4 million units are either in the pilot process or are actively deploying the SmartRent solution across their portfolio.”
SmartRent’s solutions benefit both the property manager and the resident, according to their website. Solutions include:
- Keyless entry systems
- Climate and lighting scheduling
- Leak sensors
- Voice assistants
The company’s recommended connected devices come from well-known brands like Nest, Schlage, and ecobee.
Smart Homes and Property Development
Increasingly, builders are incorporating smart home technology into the fabric of buildings. Both Amazon and Google, two leaders in the tech and smart home industries, have partnered with property developers to bring their respective ecosystems into initial housing designs. In September of 2018, Google partnered with KB Homes, one of the largest home-builders in the U.S, to create the KB Smart Home System which includes Google Assistant-compatible products.
In the same vein, Amazon’s Alexa Fund invested $6.7 million in Plant Prefab, a manufacturer of customized prefabricated homes, in hopes of integrating Alexa-enabled products into construction. With 600,000 new homes sold in 2018 in the United States alone, there is a plethora of opportunities to include home automation in the blueprints of construction.