SmartRent, a Phoenix, AZ-based smart home automation platform company for property managers and renters, closed a $5m funding round.
The round, which brings total funding to more than $10m to date, was led by Real Estate Technology Ventures.
The company intends to use the funds to accelerate deployments from its current 15-state presence to over 40 states, with major hubs in Denver, Phoenix, Washington D.C., Seattle, Philadelphia and Northern and Southern California.
Led by Lucas Haldeman, CEO, SmartRent provides an end-to-end smart home technology solution for multi-dwelling units, which connects hardware with proprietary web and mobile software to streamline operations, enhance the resident experience and provide owners with a digital layer of asset protection. The platform enables property owners and managers to lower expenses and provides a new way of monitoring and protecting assets, all while providing residents with a new revenue-generating amenity.
The automation benefits for property managers include:
– full property access control,
– thermostat control,
– leak detection and
– power monitoring to aid with predictive maintenance.
The company will complete 15,000 installations by year end and already have an additional 35,000 apartments committed for 2019.