Co-founders of IOTAS And SmartRent Speak On The Future of Multi-Tenant Access Control
Multi-tenant access control is a growing market, but it has experienced problems, most notably with Latch.
Now, former multi-tenant access control co-founders are "joining forces" in a consultancy.
IPVM spoke with Sce Pike, who co-founded IOTAS and left the firm a year after it was sold to ADT in 2022, and Demetrios Barnes, who co-founded SmartRent and left the firm 2.5 years after taking it public via SPAC, to examine what two former co-founders of IoT access control providers have to say about where the market is heading, its potential opportunities, and challenges.
Executive *******
***** *** *****-****** ****** ******* ****** has **** "******," "***********," *** **** products *** "****-********," "****-********," *** "****-*********," the ***** ** ****** **** "*************," IoT ****** ******* **-********-****** ******** *********** Demetrios ****** *** *** **** ********* to ****.
**** **** **** **** **** ***** demand *** *****-****** ******* ** *******, real-estate ********** *** **** ************ **** the ****-******** **** *********** ** ****** new *************. ************, *** ** ****** a ******* ***** ** ************ ******** products.
******* **** ************ *****, ******** ************ have **** * ********* *** *****-****** buildings ** ******* ** *** ****** control. ** ****, ****** **** **** "various ****** ** ********" **** "******** to *** *******" *** **** ********* offering **** *************** *** **** *************.
** *** ******** ****, **** ********* that "**** ********* **** *******, ** is ********* ** **** ** *** digital." *** ******* *** **** ** early ******** ** *** ****** ******* start ** *********** **** ******** ************ and ************, **** *** ******* *** market **** ******* *********, * ***** that ** "**********."
High ****** *** ***** ************ **** ****-******** *****
****** ********* ********* ********* ****** **** IPVM **** ****** **** *** *****-****** market ** ****, *** ***** *** more ******** ********** ******** ** *** space *** *** ******** ** ********** capital:
***** ** ******* *** * ********. I ***** *****'* **** * *** of ****** **** **** **** ***** money **** *** **** ** ** 15 *****. *** ****'** **** ******* about *** **** ****** **** *******. So * ** *** ** ********* of ******* ********, *****-***** ********* ****** and *********** ****** **** *** ****** into *** ****** *** *** ***** time.
******* *** ****** ******, ****** ***** cofounder *** **** ******* *** **** developers' *********** ** ****** ** ******** by **** ******** ***** ***, ****, a ****** **** ***********:
* ***** *********** ** ***** ***** to **** **** *** ******** ***** where **'* **. * ***** *** hard **** ** ******* ** *** real ****** ********** **** ** *******, with *** ******** ***** ***** ***** they're **, ********* ***** ***** ****'** at, *** *** **** ***** ** high ** ******* *** ************.
** ********** ** **** **'* ***** going ** ** ** **** ****** to ******* *** ***** ** ******* needs ** *** **. ***** ** a ******* ******** ******* ********** ** not ******** **** ** ******* **** with *** **** ** *********** ***** so ****.
Access ******* ** *** ***** ***** *** *****-****** ************
***** ***** ** * ******** ** new *****-****** ************, **** ******** ********* are ******* ******** **** *** ****** control *** ***** ******** **********, **** said:
*****'* ***** ** ** * ***** toward ************ ******** ********. * *** of *********, ********** *** ****** *****.
**** **** ************ *****, ****** ******* is *** ***** ***** *** **** other ******** ************ ***** ** ******** hardware *** ************** *******, **** ****, adding **** ** * **********, *** would ********* ******** ****** ** ***** with ****** ******* ********:
****** ***** ** ******** *** *******, no-brainer *** *** ***********. ** ***'** focusing ** **** ** ********* ** roll ***; ** ****'* ********* ***'** focusing ** ** **********, * ***** recommend ** ** ***** ** *********** or ** * ******** ******* ** roll **** *** *****, *** ** you *** ******* **** ******* **** proptech * ***** **** ********* ******* a ******** **** ***** ****** ********* in *** ********** *** ********** ** that ********.
Multifamily ****** *** **** ****-********, ** ****** ******* ***
***** *** ****** ****** ****** *** property **********, **** **** **** *********** IoT ****** ******* ******** **** **** over-designed *** ******* ***** ***** *** that *** ****** ****** **** *** have * ******* ******* **** *** iPhone ***:
*****'* *** *** ** ****** ** access ***** *** ***********. * ***** it ** ***** **** ******. * think **'* *** ***********. **** ********* that ****** ** **** *** ****** focus ***'* **** *****, **** * little *** ****-******** *** ****-********, *** they **** ****** **** ** *** basics ** **** *** ****** *** multifamily.
IoT ******** ***** *******: ******** ******* *****
***** ***** *** **** * *****-****** retrofitting *****, *** ******* ******** ** upgrading ** *** ****** ******* *** going ****** **** ******** *** *** hardware *** ************** *****, ***** ******* buildings ** ****** *********** *** ***** and ******* ** *******-********* *******. **** an **-***** ******* ********** *** **** many *****-****** ****** ***** ***** **** IoT ******** **********.
****** ******** ** *** ********* ******** can ** * ********* *** *** access ******* *********:
*** ***** ** ********** ** ***** generally ****, *** **'* *** ******* people *** ****** ** **** ******* margins ** *******. **'* **** ******* the ******** ** *********.
*** *******,***** **** *** ******** *** ******** gross *******, ****** ** ********* ***********.
************, ****** ** ********** **** ******** will ********** ****** **** ********** **** how **** ********* ******* ** *** past ** *****, ****** *** ***** barrier ***** *** *** ******** ********:
******** **** ******** ** *** *******, become **** *********, *** **** ********.
*** ***** *****. * *** ******** hard ***** *** **** *** *** could ** ********* ******* $*** ** $1,000. *****, * ***-******** **** ***** is **** *** *** ***** ***** $50. ** *** ********** **** ******, better ** *** ******** **** ** use ********* ** ** **** ********* generated. * ********** ***** **** ******* styles ** ******** **** ******** ** get *******. ***** **** ** *** early *****, ** **** ***, ** do *********, ** ** ********, ***** to ** *** **** *** ** four ** **** *****. *****, *** of ***** ********* ****** *** ** handled ** *** ****.
************* ** ******** ***** ***** **** to ** **** ******. *** ****** can ****** ******** ********* ***** ** functions. ******** ** * ********* ********* of *** ******. **** ** ** electric ******* ** * ***. ** years ***, ** ******** *** *** $150,000. **'** ****** ******** **** *** for *** $**,***. ***** **** ********* be ********* ********* ** *** ***** things *** ******, *** **'* ***** lower *** *****.
Ten ***** *** ******** ***********
******* *** **** ** ********, **** gave ** ******* ** *** ******* with **** ************* ** ********** ********** capacity *** *****-****** *********:
**** * ******* **** ******* **** IOTAS, * **** ** *** **** manufacturers, *** **** *** *** *** envisioned *** *** **** *** ***********. They **** ***** ******** ***** **** were **** **** ******-****** ******* *** cases. **** * **** ****, "***, I **** ** ** **** ** immediately ****** ***** ** *-**** *** nodes, ** ********, *** ** **** to **** *** ********* **** ** a *** **** *** **** ***** imagined *** ***********.
***'** **** ******* ***** ** ******* in * ****. * ****** ****** 4000 ******* ** * ********. * need ** **** **** ** ****** and *********** *********** ****** *** ** a ****. [** ******] ******** [**] walk **** ** * *****, **** a ******, *** **** *** * pair ** * ******. ****, ** pairs *** ** *******. **** *** just *** ********.
**** ******** ** *** **** ************* eventually ************ ****** ****** ********* *** networking *****:
**** * ******* *********** ***** *** cases ** ***** **** *************, ** was **** ********* **** **** *** never **********, *** ***, **** ******* five, ***, *** ***** ***** *****, they *** **.
**'* **** *** *** ****** ********** from *** ********** **** ** *** processing ****; **** *** ******** **** distributes ********* *******. * ***** ** makes * **** ********** ** *** well ***** ****** *** ***** ** roll ***.
******** *** ******** ********** *** **** ten ***** ** "**** *** ** a ******** ******," **** *** ***** did **** *** ******, **** ****:
** **** ***** ***** *** ***** to ***** ********* **** *** ** create * ******** ********. **** **** not *** ***** ******* ** ***. There *** **********, ********, *** ********* else ***** **. **** ******* ********* else ** **, *** **** *** iPhone **** ***. *** ** * want ** *** **** ******** ******* that ***** *** *** ***** ****** they ****** ********* ***. *'* *** saying ***** ** ***** ** **** something ***. *'* **** ****** ****. I *****it ***** ***** *** ***** ** ******* ******* ****** ********* ***** *** ** * ******** ******.
****** *** ***** *** *****-****** *** market "****** ** **** ***-**** **** than ***** **********," *** **** ************ that ******** **** ****** ******* ** technology ******* *******:
**'* ***** ** **** *******; **'* going ** *** *******; ** ** going ** *** ****** ******* ****'** now ************* *** **** ****** **** to *** ****.
Customer ***** ***** ******** *************
******* ******** ********** *** ****-********* ****** players ** *** *****, ****** ******* a *******, **** ************ ******** ** emerge:
** *** ******** ** *** **** consolidation **** * ********** *** ********** perspective ******* *** ****** **** *****.
[*******] *** *** ***** *** **** made **** **** *****, ***** *** also ****** ** ****** **** *** over-leveraged, *** **** ** ***** **** that **** **** *** **** **** been *** ***** ****. *****'* **** consolidation *********.
***** **** ** ****** ******* ******* the ********* ** *** ********, ****** added:
***'** ******* ***** **** ***** * large, ***** ********, *** *'** **** said **'* * **** *****, ****** incestuous ********. **** ** **** ** industry ***** *** *** *% ** less ****** ****** *** ******** *** the **** ** *** ********.
**** ** *** ***** ************* ***** be ****** ** *****-****** ****** *** operators *** **** **** ** *** about ** **** *********** ** ******** upgrades ** ***** ***** ******, ****** said:
*** ** **** * *** ** players **** **** **** *********** ******* investments **** *** ************, ******* **** be ******* ********** **** ****** ******* to *** ******** ** **************, ****** like **-**, ** ***** ********-***** *********.
***** ********* *** *** ******* ** their ***** *** *** ***** **** tech ************** ********** **** ***** ***********, and ** * ** ******* **'** in * ***** ***** *** ***** other ********** ********* ** *** ********* groups, ***** ********* *** ******* ** see *** ***** ***** ******* ***** adopters *** *********, ********** *** ******** all ** **** **** ******** **** their ******** ***** ***** ** **** they *** **** ** *** *** replicate **** ****'** **** ** *** premise ** ****** *** ***** **** and *** ***** *** ***** *********.
Opposition ** * ****** *********
************** ** ** ********* ** ** open *********** *** ****** ******* ********* ***** the ************** ** *** *****, ****** expanded ** *** ** **** *** want ** *** ******* ****** ******** that **** ***** **** ***** *** systems:
***** **** ** ******* ******* **** focus ** ****** ** ****** ** ecosystem ***** *****'* **** ******** **** can **** **** ***** ********, *** maybe **** ******* **** *** ** have *** ******** **** ** ******** that **** ***** **** ***** ********.
*** ** **** *********' ****** ********, Barnes **** **** ******** *********' ***** decisions ** ******** ******* *** **** critical, *** ** ******** **** ******* how ***** ******** ****** ***** *** access ******* ********* *** **** ******* from ****:
* ***** ***** ********* ****, *************, forced ********* ** **** *** ******, and ****'* *** **** ********* **** to **. * ***** ****** [**** to **] * ****** *** **** patient **** ***** ********** *** ***** those ***** ***** ******** *** *** how **** ***** **** *** ********, especially **** *** ******** ** ************** from ** *********** ***********.
Early ******** **** *** ******* *****
************ *****-****** ****** *** *** *** looking ** ***** *** ****** ******* to ********* ***** ********' **********, ****** pointed *** **** **** **** ** a ****** *** ** ***** ***** movers:
***** **** **** ***** ***** ******** of **** *** **** ******* *** charge. *** **** ******** ** *** more ********* ******** ** ***** *** tech, *** ******* **'* *** ******* versus *** **** *** ******* ** the *** ********* [***] ******** ********** companies *** ******** ***** **********.
***** *** ****** ******* ** ******** more *** **** ** * *********** advantage ** *** ******** ********** *****, Barnes **** **** ***** ** "******* but ****** *** ******" *** **** market:
*** **** ** ********. *** ********* are ******* *** **. *****'* ******* but ********* ******. * ***** *****'* nothing *** ********* ******* *** ***** player ** **** *****.
"Once ********* **** *******, **'* **** ** **** ** *** *******"
**** ***** **** *** ****** ******* is ** ********** ***** ********** ** many ************ ** *** *****, ********* residents *** ************, **** ********** **** eventually ****** *** ********:
**** ********* **** *******, ** ** really **** ** **** ** *** go ******* ******* ********** ** ***** to **** ** **** *********, *** users **** **; ** *** **** these *** ***** ****-***** ****** **** users *** ********** ****** ** * direction, *** ***'* *** *** *** back ** *** ****. **** **'** see ** * ********* ********** ** how ** **** ****** *** ************* and *** **'* *******. * ***'* think [**'*] ***** ******** ** *** locks **** * *** **** ** system. * ***'* ***** ****'* ***** to ******.
**'** ***** ** ******** ** *** if ***** ** **** ********** ** refining *** ******** ***** ** *** to * **** **** ******** ******. Corporations **** **. ********** ***** **, and *** **** ***** ** **** you *** ***** ******. **'* *****. It's ** *************.
****** ***** **** **** ** ***** changes ***** ** ******* ** ******** vendors ** *** *****, ********* ********* and ****.*** (*****):
***** ********* ************ **** ****** ***** to ****** *** *** ** *** into *** ******** ***** ** *** property ********' ****. ***** *** ******* like ***** ****, ****.***, *** ****** all ** *** *********. **** **** continue ** ***** ** ***** ********* for ***** ******** ********** *****.
Comments ** *****
****** **-******* *********, *** ** *****'* key ***********, ****** **** * "**********" comment, ********* ** *******, ** ***** (now ****.***)'* ******:
****** ****** **** ***** ********, *** new *** ** ****.***. * ***** he's **** * ********* *** **** the ***** ***** ******** **** *** that ******* ********. * ******** ******* that *****, *** ****.***, *** ****** built * ***** ******* ******* ** their **** *********, *** * ***** it **** ******** ** ** **.
********** ****** *** **** ** ****,*****'* ***** ************ *** ************* **** *** ******. ****** ********* ** *** *******'* stock *********** *** ********** *** ******** more ** *** ******* ***** ****** environment **** *****'* *** ********/********:
* ***'* ***** *** ****** ******* are ********** ** **** * ***** job **** **** *****. * ***** the ****** ******* **** **** ***** for ******** *** *** **** *** years. *'* ******** ****** ******* ** see **** ***** **** ** ** help ****** **** *** ****** ******* have **** ** * *** ** folks.
* ***'* ***** ***** *** ******** wrong. * ***** ***** **** * lot ** ********* **** ***** **** public, *** * ***** ****'* ********** of *** ***** ****** ****** **** time. ***** * ****** ****** **** of ***** ***** **** ** **** I ****** ***** ******** ***** ******.
****** **** ********** *********'* *****, ******** **** **% ***** ** **** public *** **** ** ****, ** ******** **** *** ******* environment *** *** ******** *** **** companies *** **** "*** ****** ******* aren't *** ********":
*** ****** ******* **** *****'* ***** to **, ****** **** *** **** deeper **** **** *******'* ********** *** model *********, [****] ***** [***] **** of *** **** ** *** ******. I'm ******* ** *** **** ***** does **** ******** *** ***** **** go **** ****.
** *****'* * ****** *******, *** public ******* ****'* *** ********. *** we ****** *** ** ** ******** intentional *****.
**, * ***** "*** ****** *******" here ***** *** **** ** "***** access *******". ** * *****? ** there ** * **********, **** ** it? *****, ***-****** ******* ******* ****.
#*, ***, * ***** ******* ****'* correct. ****** **** ** *******, *.*. have **** *** ******* **** ****** IoT *** * ******** **** ****. And ***** **** **** *** ******** or ** ******** *** ***** **********.
*********** ****#* - * ******* *** term "*** *****-****** ****** *******" ***** apply ** **-*******, ***** *** ******** systems. * ***'* ******* ** ******** to ****** *** *****. ** *** Multi-family ***** * *** *********** ***** all ***** ******* - *****, **-**** and ********.
* ******* **** **** ** ****** is **** **** *** ***** ** combining *** ******* ** ********* * multi-family ******** *** *********** **** **'* various ***** (****** **** ****, ***********, receiving ******* *************, *********** **** **********, lights, ******, ******* ** ******* ****, logging * ****** ******, ********* * yoga ***** ****** ** *** ******** etc) **** ****** **** *** **** ubiquitous.
**** *** *****-****** ****** ******* ******* ubiquitious ** * ****** ** *** feels ** ** ** ******* ** video **** *** ******** ** ***. I *** ******** **** ***** **** the ******** *** ****** ** ******** edge *** *** **** *******.
** *** ** **** *** ********, especially **** *****, *** ******, ** the **** *** ** ** ****** ambitious, ****** ******** **** **, ****** by **** ***** *** **** *** multi-family ****** ******* *** ** **** obvious ***** ** ********* * **** of **** *** **** ***** **** eventually ** ******* *** ****.