Latch, a New York City-based maker of smart access system, raised $70m in Series B funding.
The round was led by Brookfield Ventures with participation from Lux Capital, RRE Ventures, Primary Venture Partners, Third Prime, Camber Creek, Corigin Ventures, Tishman Speyer and Balyasny Asset Management.
The company intends to use the funds to accelerate growth through the development of new products, enhanced capabilities, and expanded geographic reach.
Founded in 2013 and led by Luke Schoenfelder, CEO, and Ali Hussain, COO, Latch is a developer of a smart access system which give property owners and residents the ability to digitally manage every door in a multi-family building and provide seamless experiences for all stakeholders in a multi-family setting. The system lets residents and building owners or operators use a smartphone, keycard, or doorcode to unlock doors throughout a building, including at the main entrance, their apartment unit, gym, and other amenity spaces. Users can also grant temporary access to guests and service providers, like dog walkers and cleaners, through time-limited access codes. An embedded wide-angle camera within each device captures a still image of every interaction by a non-resident, creating a visual audit trail accessible from the app.
To date, the company has completed projects in nearly every major U.S. metropolitan market, working with many leading developers, including Alliance Residential, Brookfield, Encore Capital Management, Prometheus, Related Group, Strategic Capital, and Toll Brothers.
In the past 12 months, Latch has also formed partnerships with companies to enable a suite of new experiences for apartment dwellers, including:
– UPS and other national carriers to enable automated deliveries in the lobby or package rooms of apartment buildings;
– Walmart and Jet.com to create smart access density in the New York City market;
– Apple to develop the first HomeKit-integrated enterprise product; and
– Niido and Airbnb to optimize access for home sharing platforms.
The company also announced that Brookfield Properties, a global real estate operating company, is installing Latch’s system throughout its multi-family properties in development.