Home / Gadgets / Latch raises $70M for its apartment smart lock system

Latch raises $70M for its apartment smart lock system

Latch introduced this morning that it has raised $70 million in Sequence B funding.

The spherical was led by Brookfield Ventures, the funding arm of Brookfield Asset Administration. As a part of the deal, Brookfield Properties will even be putting in Latch methods in its multi-family properties which are at present underneath growth.

“We’re thrilled to assist Latch, the clear market chief in a virtually $25 billion area that’s anticipated to develop at twice the speed of conventional entry over the following a number of years,” stated Brookfield’s Josh Raffaelli within the funding announcement.

Lux Capital, RRE Ventures, Main Enterprise Companions, Third Prime, Camber Creek, Corigin Ventures, Tishman Speyer and Balyasny Asset Administration additionally participated int he new funding.

Latch’s good lock system is designed for residence buildings relatively than single household houses, permitting you to open doorways with a smartphone, keycard or door code. It additionally permits residents to create short-term entry codes for friends and repair suppliers.

Talking of service suppliers, Latch announced a pilot partnership with UPS earlier this summer season that can enable UPS drivers to obtain distinctive credentials for getting into buildings to make deliveries.

Latch was based 5 years in the past, however stayed in stealth mode until 2016. It previously raised $26 million funding.

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