DRAPER, Utah and
SAN FRANCISCO, June 12, 2019 /PRNewswire/ -- Dwelo, a
leading provider of smart-technology solutions purpose-built for
apartment owners, managers, and residents, 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 $20M.
Founded in 2014, Dwelo has experienced enormous growth. As of
June, Dwelo counts more than 200 apartment communities as
customers, totaling nearly 50,000 apartment units, and
operates out of offices based in San
Francisco, CA, Draper, UT,
and Dallas, TX. Dwelo works with
over 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. Dwelo 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. For more information about Dwelo, visit
www.dwelo.com.
"Smart technology is generating tremendous returns for our
customers as both a resident amenity and an operational tool," said
Mike Rovito, Dwelo's CEO. "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. The platform saves them time and money, reduces risk,
provides users convenience, and improves security for the entire
asset. Dwelo also supports customers with end-to-end services that
ensure an amazing experience for every member of the community.
With Dwelo's technology and service, residents live in the future,
managers streamline their operations, and owners improve their
NOI.
"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.
"Dwelo is solving real problems for owners, managers, and
residents, and we believe they are the future of apartment
living."
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 to drive the Dwelo 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 Dwelo's first 200 communities have received.
Lastly, this round allows Dwelo to invest in sales and marketing,
helping them reach and support the thousands of owners and managers
that are wanting to make smart technology decisions and are looking
for the right partner to help them along that journey.
"We are thrilled to continue our partnership with Dwelo," said
Scott Stettler, CFO at Wasatch
Venture Holdings. "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".
About Dwelo
Dwelo provides simple, seamless smart apartments to the owners
and managers of multifamily communities. Dwelo 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.
About Perot Jain
Perot Jain is an early stage venture capital firm committed to
partnering with bold and innovative entrepreneurs to build highly
disruptive, industry transforming companies. For more information
visit www.perotjain.com
Contact:
Bradley Davis
bdavis@dwelo.com
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SOURCE Dwelo