Multifamily home automation service startup SmartRent raises $32M

SmartRent, an organization that gives home automation services to multifamily properties, declared Wednesday that it has raised $32 million from a group of investors including a ground-breaking firm that additionally just emptied money into a maintenance startup.

Arizona-based SmartRent plans to utilize the new, Series B financing to expand its capacity to “perform rapid, large-scale deployments,” as indicated by an announcement. The organization additionally will spend the cash on projects that bolster its leadership position within the smart apartment market.”

SmartRent CEO Lucas Haldeman said in a statement that his organization’s automation services are “becoming a must-have technology for the multifamily industry.”

“We’re proud that so many innovators within the real estate, technology, and investment communities see the value in our platform and are committed to helping us grow,” he added.

Haldeman established SmartRent in 2017. The organization gives a platform that it portrays as a “lynchpin” between different smart home technologies. So for instance, the technology makes it feasible for multifamily property proprietors and managers to send and connect items, for example, Nest’s smart thermostat or Amazon’s Alexa-enabled smart speakers.

While a portion of those technologies, for example, smart speakers, could clearly be installed by occupants themselves, SmartRent gives a host of services that are intended to empower widespread rollouts crosswise over huge rental communities. The organization will come and examine the property, for instance, then install gadgets and give progressing support.

SmartRent believes that this methodology saves managers “thousands of dollars per property on operating costs while driving increased revenue,” as indicated by Wednesday’s announcement.

SmartRent works with a host of gadget producers incorporate Schlage, Jasco, Honeywell, Google Home, Yale, Dome and others.

Today, the organization has conveyed its technology in 40,000 rental units crosswise over North America and has contracts set up to service another 66,000 this year. A portion of those units have a place with UDR, a huge multifamily real estate with units over the U.S., that has utilized SmartRent to install smart locks, thermostats and leak sensors, among other things.

Thus far, UDR has been happy with SmartRent’s results.

“Since implementing SmartRent’s smart apartment technology, the feedback from residents and employees alike has been very positive,” Jerry Davis, UDR president and chief operating officer, said in a statement.

The new round of investment in SmartRent was led by Bain Capital, a Boston-based private equity firm. Bain has invested into various organizations crosswise over different industries throughout the years, yet fundamentally likewise just led a subsidizing round in Latchel, a startup that gives maintenance services for property managers.

Notwithstanding Bain, SmartRent’s financing round included participation from UDR, RET Ventures, Starwood Capital and others.

In an announcement Wednesday, Bain partner Matt Harris depicted SmartRent as “the clear leader” in the smart home multifamily space. Also, he showed SmartRent should see development later on.

“Our firm’s expertise in helping emerging technology companies effectively scale in large markets perfectly aligns with SmartRent’s aspirations for expansion,” Harris added. “We are excited to partner with the team to build a world-class business that capitalizes on a major market need.”