- IoT-as-a-Service smart apartment platform IOTAS announced it completed an $8.5 million Series A round of funding
IOTAS — a leading IoT-as-a-Service smart apartment platform — announced recently that it completed an $8.5 million Series A round of funding led by TELUS Ventures (strategic investment arm of TELUS Corporation) and including participation by Liberty Global. And Intel Capital recommitted capital in this round to fuel growth. Including this round, IOTAS has raised more than $17 million.
This funding round will be used for directed toward driving growth of IOTAS’ Enterprise SaaS offering — which is a new platform for Smart Communities and expansion into international markets.
IOTAS is known for creating Smart Apartments for the $1 trillion Multi-Family-Home (MFH) real estate industry. The MFH industry sees Internet-of-Things (IoT) as the future since it attracts more residents at premium leasing rates while reducing operating costs and mitigating risks such as water leaks that average $11,000 per incident. And IOTAS is seen as the leading turnkey IoT provider in the property technology (PropTech) market since it paves a faster and easier path to transforming units into smart apartments.
“With this new round of funding we’re excited to be working with enterprises, integrators, and dealers to enable them to offer IoT as part of their own offering,” said IOTAS founder and CEO Sce Pike. “We have seen about 20 percent of all new residential construction embracing PropTech this year with at least a few smart devices, and we forecast that number will double next year. I predict that in five years all new residential construction will go live as a Smart Community. We are also experiencing 75 percent growth in conversion to smart devices, such as smart locks and smart thermostats in existing residential buildings, and see a huge opportunity for growth in a variety of housing types ranging from garden-style apartments, to low and mid-rise apartments, and affordable housing.”
In conjunction with the investment, TELUS president of Security and Automation Jason Macdonnell is joining the IOTAS board. And Misty Robotics CEO Tim Enwall and 1843 Capital partner Alison Andrew Reyes will continue serving on the board along with Pike.
“The way we live is changing. With the advancement of the Internet of Things, TELUS continues to push boundaries and advance our position in the Canadian smart home and security space through identifying and investing in new and emerging technologies,” added Rich Osborn, a managing partner at TELUS Ventures. “The development of Smart Buildings and Cities supported by strong Corporate Venture Capital funding means we will continue to see more innovative third-wave technologies like IOTAS. A pioneer in this space, IOTAS provides a complete but simple user-centric IoT Smart Home experience and like us, is driven by a mission and vision of improving the lives of the people living in our communities and making a positive social and financial impact through leading-edge innovations.”
With this round of funding, IOTAS will expand its footprint by offering white label solutions of its new enterprise platform — which enables Telco’s ISP’s, OEM’s, Utilities, and Retailers to offer Smart Community solutions easily via IOTAS’ framework (SDKs and APIs).
“We are excited to participate in this next phase of funding for IOTAS,” explained Don Parsons, VP at Liberty Global Ventures. “We view Smart Communities and PropTech as an innovative and efficient go-to-market strategy that can quickly scale smart homes and smart building adoption. As IoT is rapidly emerging, we believe IOTAS has exceptional potential to continue benefiting the real estate industry and efficiency-seeking consumers in the United States as well as the international markets where it will soon launch. IOTAS aligns strongly with our Ventures’ aim to provide opportunities for growth and technology advancement in an increasingly connected world.”
