A leading smart-technology company in the multifamily space is investing $20 million to bring more smart technology to apartments such as thermostats, locks, light switches, and more to apartment communities, according to a release.
Dwelo technology is now helping customers in more than 200 apartment communities and about 50,000 apartment units.
“Smart technology is generating tremendous returns for our customers as both a resident amenity and an operational tool,” said Mike Rovito, CEO of Dwelo, in a release.
Smart technology to apartments
“We’re adding thousands of units to the platform each month, and this investment will help us deliver the same quality of service to every one of those residents and managers. At the same time, we are pouring significant resources into R&D, which we expect will create more value for all those working and living at Dwelo’s apartment communities.”
Dwelo is focused on the multifamily industry. They provide their customers – owners, managers, and residents – with web and mobile applications that allow them to control smart devices across their communities, according to the release.
The platform saves time and money, reduces risk, provides users convenience, and improves security for the entire asset while offering end-to-end support. With this technology and service, residents live in the future, managers streamline their operations, and owners improve their NOI.
The company has completed an extension to its Series A round led by existing investors Wasatch Venture Holdings, with participation from Perot Jain, and several customers. Dwelo’s total investment in developing smart technology for apartments now exceeds $20 million.
“We were drawn to Dwelo because of the innovation and disruption they are driving within the multifamily industry,” said Joe Beard, Partner at Perot Jain, in the release. “Dwelo is solving real problems for owners, managers, and residents, and we believe they are the future of apartment living.”
Founded in 2014, Dwelo has experienced enormous growth and operates out of offices based in San Francisco, CA, Draper, UT, and Dallas, TX. The company works with more than 60 of the country’s leading multifamily developers, owners, and managers, including Alliance Residential, Wasatch Premier Communities, Howard Hughes, Pinnacle, and BH Management.
Dwelo’s customers have developed, own, or manage about half a million apartment units. The company is outfitting each of those units with smart devices like smart thermostats, locks, light switches, meters, voice controllers and more, while also supplying commercial smart technology solutions for common areas and perimeter access points.
This new round of funding will allow Dwelo to expand its operational footprint in order to bring industry-best implementation and support to more multifamily communities nationwide. That includes expanding its engineering and product team, driving its vision of a complete smart community platform. Investing in product and engineering will provide the tools and infrastructure necessary to ensure that the next 1,000 communities receive the same hallmark level of quality and reliability that the company’s first 200 communities have received, according to the release.
“We are thrilled to continue our partnership with Dwelo,” said Scott Stettler, CFO at Wasatch Venture Holdings, in the release. “Dwelo has proven time and again they are the right partner to bring smart technology applications to the multifamily industry. We see a growing demand from residents for smart apartments, and we are confident that Dwelo will continue to push and shape the limits of what is possible within the apartment space”.
Dwelo provides simple, seamless smart apartments to the owners and managers of multifamily communities. The company connects popular smart devices from Z-Wave, Nest, Kwikset, Yale, and others to proprietary mobile and web applications as well as voice platforms like Amazon Echo and Google Home. Dwelo’s platform enables residents to enjoy the benefits of a smart home in a rental setting while helping managers run their communities more efficiently.
About Wasatch Venture Holdings
Wasatch Venture Holdings invests in promising companies that provide technology solutions and services to the commercial real estate industry. Wasatch Venture Holdings has had great success with multifamily-specific technology investments in particular, funding several companies in the compliance, lead management software, property management software and smart technology space. Collectively, Wasatch-backed companies have grown to service more than 4M multifamily units nationwide. Wasatch Venture Holdings’ sector focus gives its portfolio companies a competitive edge with the insight they can provide from over a decade of funding multifamily-focused technology businesses.