Smart Home Startup SmartRent Receives Big Boost In Funding As It Finds Success In Rental Market
SmartRent, an Arizona-based company offers home automation software to landlords owning apartments. It has raised about $102 million since its establishment in 2017. Investors here include Bain Capital Ventures, Amazon’s Alexa Fund, Fifth Wall Ventures, and RET Ventures.
SmartRent offers multifamily landlords a platform that supports a range of smart home devices, such as locks, smart speakers, thermostat control and Wi-Fi access.
The best part about it is that its software is designed to easily integrate with others in the ecosystem, such as Google’s Nest, Yale locks, and Amazon’s Ring. According to the company, it was tricky finding the right balance since the device would be used by the landlords and the residents.
SmartRent has a huge potential, keeping in mind the fact that there are more than 20 million apartments units in the U.S. Some of its direct competitors include Stratis, Zego, and Vivint. Currently, SmartRent is present in 95,000 apartments across 40 states in the U.S. as well as Canada. The company aims to expand globally. They already have pilots running in the UK, Western Europe, and Ireland.
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