LockState, the parent company of RemoteLock cloud platform for smart locks, has raised $5.8 million in a new round of funding to accelerate the adoption of smart locks in homes.
Denver-based RemoteLock is a cloud-based smart lock platform that allows users to manage any type of internet-enabled lock from a single centralized dashboard. The platform offers a suite of products for remote access control, including apps used by managers of vacation rental properties, retail stores, commercial space, and apartments to simplify access and strengthen security.
Iron Gate Capital led the round, and it was joined by Kozo Keikaku Engineering, Nelnet, and Service Provider Capital.
Through integrations with Airbnb, HomeAway, and other listing partners, RemoteLock apps automate guest access when bookings are confirmed. The platform lets users manage access control more efficiently, across multiple different types of connected locks, for main entryways, internal units, elevators, parking garages, and pool gates. Additionally, RemoteLock offers an open application programming interface (API), enabling integrators to incorporate monitoring and control of smart locks into their own applications.
“We are excited to expand usage of the first-of-its-kind smart lock cloud platform,” said Nolan Mondrow, CEO of LockState, in a statement. “This latest funding will support our aggressive sales and marketing plans, and allow us to further solidify our market leading product. We’re looking to expand our partner opportunities in emerging areas like blockchain, and the growth in cloud based physical access control overall.”
RemoteLock serves tens of thousands of rental and commercial properties today and has established partnerships with Airbnb, HomeAway, Ayla, August Home, Mercury Security, KKE, Streamline, Guesty, and many more. Customers include global and national companies like Target Stores, Love’s Travel Stops, Coldwell Bankers Vacations, Century 21, Quiznos, and Ring.
In an email, Mondrow said, “We are expanding our footprint and moving into a new warehouse office that is more than twice the size of our current office. We’re also staffing up our sales and marketing teams. We’ve accomplished a lot without investing heavily in marketing so we’ll support that area to keep our momentum going. We intend to expand into new business-to-business and enterprise verticals where we’re seeing the market grow. We are also dedicating budget toward development.”
“LockState is enabling the smart building where it matters most — not thermostats or lighting, but in access control,” said Ryan Pollock, managing partner at Iron Gate Capital, in a statement. “Building an enterprise class solution that is agnostic to the many lock architectures and brands out there is challenging, and we are excited to partner with the leader in the category.”
LockState originally introduced its RemoteLock cloud platform for Internet of Things smart locks in 2011. LockState has 25 employees, and it is expanding.
Mondrow said, “We are the only company creating a cloud platform to connect smart locks. Other companies create a back-end system to manage only their lock. On LockState, there is not a single system you cannot control on our lock system. With our open API, we give people the ability to use whatever device they choose.”
The company has raised $7.49 million to date.