Smart Access Startup Latch Secures $70 Million Funding

By StartUp City

Latch, a New York City-based maker of the smart access system, raised $70m in Series B funding round led by Brookfield Ventures.

The other investors include Lux Capital, RRE Ventures, Primary Venture Partners, Third Prime, Camber Creek, Corigin Ventures, Tishman Speyer and Balyasny Asset Management.

The startup aims to use the funds to accelerate growth through the development of new products, enhanced capabilities, and expanding geographic reach.

Latch was founded in 2013 by Luke Schoenfelder, CEO, and Ali Hussain, COO, the company is a developer of IoT-powered system which gives property owners and residents the ability to digitally unlock every door in a multi-family building. The system enables the residents, and building owners or operators use their smartphone, keycard, or door code to unlock doors throughout a building, including the main entrance, their apartment unit, gym, and other amenity spaces. Residents can also grant temporary entrance codes to guests and service providers, like dog walkers and cleaners, within limited-time access codes. Latch device captures a still image of every interaction by a non-resident, creating a visual audit trail accessible from the app.

Till date, the startup has completed numerous projects in nearly every major U.S. metropolitan market, and has worked with many leading developers, including Alliance Residential, Brookfield, Encore Capital Management, Prometheus, Related Group, Strategic Capital, and Toll Brothers.

The company has also announced the new investment of Latch's system by Brookfield Properties, a global real estate operating company, throughout its multi-family properties in development.