RemoteLock Raises $17.8 Million, Aims To Be Standard For Universal Access Control
Contrary to platforms like Latch and Verkada that require using their own proprietary hardware, RemoteLock focuses on customers using and integrating 3rd party hardware. The company has now raised $17.8 million in Series B funding in its pursuit to be the "standard for universal access control."
We talked with Nolan Mondrow, RemoteLock’s CEO about this fundraising round.
For an overview of RemoteLock, see our IPVM Show session with RemoteLock's executives, embedded below:
"Universal ****** *******"
********** ** ******* ** ***** ** open ******** *** ******* *** ***** devices, ***** *** ******* ******* ** "universal ****** *******." ***** ** * previous *** **** ********** **** **** commonplace (*.*., *** ********* **** ***** platform ********), ***** *** ***** ** towards ********* ****** ***'* *** ******** to **** ** *********. ** ********, RemoteLock **** *** **** ** ******* any ********, *********** ******** ** *** hardware ******.
** **** ******* **** ******** **********, RemoteLock ***** ** ***** ***** *********** and ******* ************* ***** ********** *** complexity ** *********** **** * **** array ** ********.
Funding *******
********** *** *** ****** * ***** of $**.* ******* ***** *** ******** ($17.8 ******* ****** *, $*.* ******* Series * ***** ** ****, *** $1.7 ******* ** ****).
*** ******* ** **** * ****** old, ******** ** *** ***** ***** with ****** **** ********* *** **** have ******* **** **** **** ** this "********* ******" ******** *** *** now ******* ** **** ** *******. Back ** ****,**** ******* *** *******'* "**********"***** ** * ********* ** ***** current ********.
Offer ********, ******* **** *** ********
*** ******* ***** * ******** ******** that ******** * ***** ***** ** 3rd ***** ******* ********* ******** ******** locks,******* ********* ****** ******, *** ******* ****** ********** ********* including *** ****** *** ******.
***** ********** ******* ** ******** ** rental ******** *******, *** ******* ** expanding **** *****-****** *********** *** ********** markets. ********** ******* ********** **** '******* approach' ** ********, ****** **** **** do *** *********** ** ******* ***** own ***** *** ******* ****** ** partner **** ******** *********.
******* ********* **********'* ********:
**'** ******* ** ***** ****, ** allowing ******* ** ***** ******** ****** software. ***, *****, ********* *******, *** different ***** ** ********.
Makes ** ********
********** ********** ********/**** ***** *** **** than ** ********* ********* ********* ********, Assa *****, *******, *******, ****, *** Vera.
*** ********** **** ********, ********** ********** with ***/******* ******** *********** *** ***** us **** *** ******* *** ******* for ******* ****** ***/*** *** ** series ***** ** *** ***** **** of ****. *** ******* ** **** finalizing ******* **********************.
No ******, ** ******** ***********
********** **** *** ********* **** *** cameras ** ********* *** ***** **** they **** ** ***** ** ** so. **** **** ** * ******* disadvantage ** *********** *** *** ********* have **** ***** ***********.
Revenue
*** ******* ******** ** ******* ** revenue *** *** **** ** ********* of *** ****** **** ***** *** last *********** ** ****:
**'** **** *** *** ******* ****** between **-**%, *** **** ********* ** accelerate. **** *** $**.* ******* ** Series *, ** *** ****** ** can **** **** **** ***%.
Planned ***** *** ****** **********
**********'* ******* ****** **** ** *** systems ******** ** ** *********, *** Mondrow **** *** ******* ******* ** focus *** *** *.*., ******, *** North *******. ** ****, *** ******* plans ** **** ** ***** *** Europe, ****** *** ******** ************ ******* and ******** ****** ******** *********** ******* *********** (***)****** *********** ** ********* ******.
“******* ** **** ****** [***** *******], Japan ** * *** **** ** focus *** **. ** **** * solid ************ ******* *****. *** *** second ****** ** *** ** *** the **, ***** ** ******** ******** SmartLock ******. **'** ** ********** **** acquisition ** **** ** ******.”
Versus *****
********** ******** ******* *****, ** ****** company ********** ~$*** ******* ** * $*.** billion *********. **** ********* ******* ** **** of *** **** ********* ********* *****-****** dwellings, ***********, *** ****** **********.
********** ********** ** **** **** *** broad *** ***** ************* ************** ** from *****, ***** **** ******** *** proprietary ********. **********'* ******** ***** ******* in * ***** **** ** ****** hardware ** * ******, **** **** 'big-box' ****** *** ***** ********** **** RemoteLock ****** *****'* *********** *****. *******, Latch ********** ** *** *** ********* and *******, ***** ********** *** ** intercom *** ****** *******.
******* ********* **** ***** ********** ** not ******* ********* ******* *** ***** products ** *** ******, ** **** be ** '****** *****' ******** **** is ******* ** ******* **** ******* locks *** ****** ******* ********.
Versus *****
********** ******** *********, *** ******* ** ********** ********** and ***************** * ****, ******* $*** *******. ***** *** *** **** *******, a ****** ****** ****, *** **** employees (~*** ** **********'* ~**).
**********'* ********* ** **** ******* ***** be ********* *** **** ***** ******* recruiting *** ******** ********* *******, ***** Brivo's ******* ** ******* *********. *** complexity *** *********** ****** ********* ******/****** *************** ** **** (***)******* ********** *********** ******** ** ********.
***** ********** **** ******* ***** ******* and *********, ********* *** *** ***** offering, ***** ********** ********** ******* ***** nor *********. *******, ******* ********** ********** with *********** ******** *****, ********* *** find **** *** **** ** ******* more ***** **** *********** **** **********.
*******
** **** ******** ******* ** **** dealers *** ***** *** *** **** the ******* *** * ********** ****** of *******, ** *** *** ********* to ****** *** ******* **** ****** competitors *** **** ******* *********. *******, the ******* ******** ** * ****** with **** ********* **** **** *** their ******* *** ***** ***** ** uphill ****** *** ** *** *********** lack ** *********. ** *** ***** hand, ** **** *** **** ***** to *** ***% *** ****** **** they *** ***, **** ***** ** able ** **** * *** ******* Series * *****.
****/****
********** *********:
********** **** ** *********** **** *** BLE-enabled ******* *** *** ******** **** controllers. ** **** **** ** **** to ******* ***** ******** **** ******** partners ****** **** ****** ** **** with ********** ***.
******** *** * **** ** * door *** ******* *********** **** * few ********* ***, ************ *****.
**** *** ***** **** *** ***** to ****** ******* *** ******** "***********", what ******** ******* ** ************ **********? Is ** ***** ******* ***-******* ***** readers (******* ****, *** * ****** controller), ** ** ** * "******-**********", i.e. *** **-***** *** ****** **** also ******** *** **** *****?