Latch, a US-based smart lock startup backed by advertising agency R/GA, raised $10.5m yesterday in a series A round led by venture capital firm Lux Capital.
The round also included Primary Venture Partners, Corigin Venture Partners, Camber Creek, Expansion Ventures, PCH, Wan Li Zhu who acts as principal at VC firm Fairhaven Capital, and strategic investments from undisclosed real estate funds.
Latch has built a modular smart lock system designed to work on any kind of door, providing access through a touch keypad, touch identification, Bluetooth or remotely through a smartphone, meaning a physical key is no longer necessary.
The company had previously received $5.5m in a seed round co-led by Camber Creek and 3rd Prime Capital that also included R/GA and Techstars, the operators of the R/GA Accelerator program from which Latch graduated in early 2015.