Lux Capital led a $10.5 million Series A round of funding for Latch, a smart lock maker. Primary Venture Partners, Corigin Venture Partners, Camber Creek, Expansion Ventures and others participated in the round. New York-based Latch has raised $16 million in total funding to date.
New York, Feb. 10, 2016 — Latch, the first universal smart access system that works for enterprise, consumer, and hospitality users, emerged from stealth today and announced that it has raised a $10.5 million Series A round of funding, led by Lux Capital. To date, the company has raised $16 million in total funding.
“We’ve spent the last two years designing and building a beautiful and nearly universal access experience and can’t wait to publicly deploy our product,” said Luke Schoenfelder, Co-Founder and CEO of Latch. “We’re particularly excited that our funding has come not only from great venture capitalists, but from major enterprise customers that stand to save millions of dollars by eliminating the problems they face in managing their tenants, guests, and service providers.”
“Forget the Internet of Things, it’s about access to things,” said Zack Schildhorn, Partner at Lux
Capital. “You can’t have a sharing economy without trust. Nobody has designed a technology system to give access to trusted paries, simply and securely. Most doors in America are in large commercial and residenial buildings. Latch is the only pla]orm to address these access points. We’re extremely excited for the future they are unlocking.”
Latch was founded in 2014 by CEO Luke Schoenfelder, CTO Brian Jones and CDO Thomas
Meyerhoffer to create smart access products purpose-built for the security, convenience, and access needs people have today. The company’s first product, the Latch Lock, was built and tested in stealth over two years. It is manufactured by one of the world’s most trusted lock makers and designed by Thomas Meyerhoffer, the award-winning designer whose broad
porfolio of technology and consumer products encompasses Apple, Coca-Cola and well-known startups.
“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,” said Thomas Meyerhoffer, Co-Founder and Chief Design Officer of Latch.
Latch’s Series A financing included Primary Venture Partners, Corigin Venture Partners, Camber Creek, Expansion Ventures, PCH, and Wan Li Zhu of Fairhaven Capital, along with additional investments from a group of large strategic real estate funds. The Series A funding is on top of $5.5 million in seed funding led by Camber Creek and 3rd Prime Capital, with participation from R/GA and Techstars.
Latch is a modular lock that is built to work across contexts, from office buildings to homes and apartments, and allows seamless access for the people, packages, and services that users select to invite into their space. Designed to harness the best of technology, security, and design, the locks grant users access through a touch keypad, Bluetooth technology, Touch ID, and even traditional keys. Users will be able to eliminate use of their keys and securely manage access for guests, tenants, and employees from their smartphone. Latch will debut strategic pilots with investors and customers starting this spring in a variety of settings in New York City, news of which was first reported in the New York Times Sunday Real Estate Section earlier this year.
Latch is the world’s first universal smart access system designed to work for every door. Led by a team with decades of experience designing and building robust, secure technology products, including at Apple, Latch is redesigning the user experience around security and access. Latch’s product grants users access through a touch keypad, Touch ID, Bluetooth technology, and remotely through their smartphone, and is designed to work universally across contexts.
Based in New York City, Latch is backed by an experienced group of investors, including Lux
Capital, Primary Venture Partners, Corigin Venture Partners, Camber Creek, Expansion Ventures, PCH, Camber Creek, 3rd Prime Capital, R/GA, Techstars, Wan Li Zhu of Fairhaven Capital, Zach Aarons of MetaProp, and a number of strategic real estate funds.