US-based smart lock provider Level Home emerged from stealth yesterday with $71m in funding from investors including big-box retailer Walmart, home builder Lennar and investment firm Hut 8 Ventures.
Founded in 2016, Level Home has created a product called Level Lock, which is designed to fit inside a customer’s existing deadbolt in order to transform it into a smart lock that allows friends, family and service provider to gain access to a property through the company’s app.
Level Lock also enables a user to change its settings to lock automatically once the last inhabitant leaves a property, or to give information on entry and exits in real time.
The announcement of the funding coincided with Level Home making the product available for order. It has not disclosed details of any earlier funding.
In addition to receiving funding from Walmart, the company has formed a partnership that will enable the retailer to deliver groceries to a customer’s property, with delivery staff able to place items inside their cupboards, fridge or freezer even if the customer is not home.
Eric Feder, managing general partner for Lennar’s strategic investment subsidiary, Lennar Ventures, said: “Level Home’s unique approach and technology is a game changer for homebuilders.
“As one of the nation’s leading home builders, Lennar is founded on a long tradition of quality craftsmanship and attention to detail. The Level Lock will transform the smart lock category by allowing home builders to offer innovation without having to compromise on their home experience.”
Image courtesy of Level Home Inc.
