Venture Capital News: IOTAS Raises $5.3M in Funding
PORTLAND, OR, Innovator in premier smart apartment technology, announced today additional strategic funding from Oregon Angel Fund and Rogue Venture Partners
IOTAS, an innovator in premier smart apartment technology, announced today additional strategic funding from Oregon Angel Fund and Rogue Venture Partners bringing its total funding to $5.3 million. As the first company to provide smart home enablement technology for the multi-family-home (MFH) industry, IOTAS empowers property developers and owners to quickly and easily deliver a cohesive, connected home experience for renters regardless of technological expertise. The IOTAS Smart Hub has already been integrated into several MFH buildings in Oregon, California, Texas and Washington with projects underway in 20 additional states nationwide and in Canada.
The global smart home market is expected to reach an estimated $121.73 billion by 2022, according to a study performed by Research and Markets. Given the increasingly aggressive market activity - from Samsung's recent acquisition of HARMON for $8B to Verizon's acquisition of Skyward - Internet of Things (IoT) technologies have received plenty of validation. However, when it comes to the "smart home", most solutions are siloed; they don't integrate with one another or provide any cross-system functionality. What's more, renters have been largely ignored as potential customers of the smart home - a massive missed opportunity, considering the young, tech-savvy millennials that make up a portion of the rental market gravitate toward connected-everything.
IOTAS has formulated a strategic approach to the smart home that seamlessly integrates IoT technology into the infrastructure of rental units. Renters can avoid the siloing of smart home products, and property developers and owners can ensure their units are future-proofed. IOTAS-enabled apartments support a wide variety of connected devices, including popular products like Nest, Google Home and Amazon's Alexa.
"Unlike nearly every other company involved in smart home innovation, IOTAS is approaching the market from the integration perspective, with an eye toward making the true smart home a real possibility for mainstream consumers," said Andrew Blanksby of Oregon Angel Fund. "We are thrilled to be part of IOTAS' journey with this investment, and look forward to seeing the technology flourish."
IOTAS delivers benefits to both property owners and renters. Property managers can use the platform to control vacant units and common areas through a centralized dashboard, as well as deliver premium smart home services that improve their bottom line. Residents in IOTAS-enabled units can manage their homes from anywhere in the world using the IOTAS Home app, which supports various aspects of day-to-day life, like lighting and temperature control, voice integration, door locks and more.
"This funding is validation that our strategy of delivering turnkey connected home technology to apartment buildings across the country is essential and desired," said Sce Pike, founder and CEO of IOTAS. "Our niche in the expansive IoT landscape has allowed us to enable multi-family residential building owners to capitalize on smart technology in the most efficient way."
The company has also been funded by the National Science Foundation, Creative Ventures, Oregon Best, and Portland Seed Fund.
IOTAS, which stands for IoT as a Service, is a Portland, Ore.-based developer of a smart home platform for the rental market. The company enables property developers to easily and quickly install smart outlets, switches, thermostats, door locks, sensors and more by streamlining the set-up and deployment process. With this premium offering, building owners and operators can attract new tenants and premium rents, while lowering utility and management costs. For more information, visit www.iotashome.com.
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