Latch builds smart lock and access systems for apartment buildings, enabling residents to open doors with a smartphone, keycard, or door code. Its platform lets residents create temporary access codes for guests and service providers and manage building credentials. The company announced a pilot with UPS to give drivers unique credentials for making deliveries. As part of the financing lead, Brookfield Properties will install Latch systems in multi-family properties currently under development. Latch was founded five years ago and remained in stealth until 2016. Prior to this round it had raised $26 million; it has now announced a $70 million Series B. Latch builds Internet-connected locks and a subscription digital entry management service for building owners, targeting enterprise customers such as large commercial offices and multi-occupancy apartment blocks. Its initial Latch lock works with mortise locks and includes a physical handle and a slot for a traditional key; the company added a second, purely electronic access product in March to broaden building compatibility. Latch has opened availability nationwide across the U.S. and emphasizes software and digital product experience as a competitive edge—two of the three co-founders are ex-Apple. The company faces incumbents like Assa Abloy, Allegion, and DormaKaba and cites the slow adoption curve among real estate owners as its primary market challenge. Latch is focusing on supporting a national sales team and plans to push into new U.S. markets such as Miami and Los Angeles, with an aim to complete a premier apartment project in each of the top 25 U.S. markets within a year. The company is early-stage and is not disclosing customer or usage metrics at this time. Latch develops the Latch Lock, a replacement mortise smart lock and access system aimed at multi-occupancy apartment blocks and offices. The device combines a physical mortise mechanism with touchscreen, camera, Bluetooth, Apple Touch ID support, one-time entry codes, tamper detection and access logging. The company spent two years in stealth building the product; the founding team includes CEO Luke Schoenfelder and chief design officer Thomas Meyerhoffer, both ex-Apple employees. Latch plans pilot deployments in Q1 in New York and will use new funding to scale manufacturing and operations for U.S. rollouts, with international expansion noted as possible. Financially, Latch announced a $10.5M Series A led by Lux Capital and has raised $16M in total funding to date since being founded in 2014. Per-lock pricing has not been disclosed; the company says it will offer flexible options including upfront capex purchases or subscription-style packages.

Total raised

$91M

Funding rounds

3

Latest round

Series B

Latest activity

Aug 2018