In the increasingly crowded smart lock market, this New York-based startup has found what could be its key to success — focusing on selling its product to luxury apartment buildings. Of course, it doesn't hurt that it has raised major funding to support the product's development.
The smart lock maker Latch announced today that is has raised $10.5 million in Series A funding, bringing the total amount of funding raised to an impressive $16 million.
The company was founded in 2014 by two former Apple employees, CEO Luke Schoenfelder and chief design officer Thomas Meyerhoffer, alongside its CTO Brian Jones. It will now be able to start manufacturing its first smart lock after two years in stealth, thanks to the funding, which was backed by a group of investors including Lux Capital and Primary Venture Partners.
Latch is a smart lock that is designed to be a feature real estate companies can show off to tech-loving potential buyers. Apartment building owners will be able to set their luxury units apart from others by highlighting the fact that renters will not have to worry about carrying their keys around with them. Instead, Latch locks and unlocks the door after the user enters a passcode on its keypad that uses Touch ID, so they don't need to take out their smartphones. Of course, the user can also use a traditional key, and even grant visitors access using the accompanying app.
Latch can also be used in office buildings, allowing security guards or employees to open the door for mail deliveries or business guests. It will be able to track and keep a log of who comes and goes, including how long they stayed, and will warn the owner if someone tried to break in or pick or the lock.
The smart lock is a sleek and modular design, and will come in black, silver and gold color options.
"We designed the object, interaction, and values of Latch for the way we live today. The design delivers a new level of trust powered by intuition and familiarity. We carefully crafted a unique interface that is embedded in an orbicular lens placed within the design, always ready to engage the user. This innovation of technology and form reinvents the ancient lock with a seamless and mindful experience," co-founder and Chief Design Officer Thomas Meyerhoffer said in a press release.
The company has not revealed its real estate partners yet, but will start to install its smart lock in a building in New York City's East Village and a luxury building in Chelsea in about a month.
Those interested in Latch for their home, apartment or office can reserve a place in line for when it becomes available through the company's website: however, it won't be sold directly to everyday consumers for now. Instead, the company is targeting building owners looking to feature the technology as a part of the space's high-end features. The price of Latch is not yet known, but considering its targeting high-end buildings, it's expected to cost close to the $1,000 range.
Source: The Verge
