Smart home company Level Home raises a $100M+ Series C led by Cox Communications, and acquires fellow smart home company Dwelo (Brian Heater/TechCrunch)
It seems like there’s plenty of M&A information in the world of smart homes these times. In the wake of Ecobee’s acquisition by generator firm Generac, Level Home has announced today that it will acquire Dwelo the news comes just as the latter also announces the launch of a Series C that will be in the region of $100 million that is which is led by Cox Communications and featuring Walmart. The deal brings the company’s capital in excess of $171 million as of the date. This is Level’s first.
Walmart was among two investor (along along with Lennar) during the $71 million increase Level Home announced when it announced its first public announcement in the year 2019. The main product offered by the company in the early days is Level Lock, a smart lock that is designed to look similar to the dumb lock but with easy installation and integrates with HomeKit. It was the “first invisibly smart lock” could be deactivated using the use of an iPhone and Apple Watch.
We have written about Dwelo about two years prior when the smart home designed for renters solution was able to raise $4.9 million. The company’s offerings are targeted on apartment dwellers or more specifically, owners/managers of the apartment buildings. It allows them to control a range of devices in different apartment buildings.
“In accepting Dwelo Level and Level and Level and Level, we are able to provide seamless experience of meticulously developed hardware and a robust SaaS platform that offers homeowners a tremendous amount of control and simplicity of use and new capabilities to personalize their homes,” Level CEO John Martin stated in a press release. “We came up with Level with the aim of creating a fresh vision of the intelligent home. Now, by introducing Dwelo we’re offering the next-generation experience for homeowners and their guests.”
The brand merger is likely to unfold as an example vertical integration, possibly involving Level Locks as part of Dwelo’s product line for landlords. Apartments are a common move for an expanding smart lock business in a highly competitive market. These types of devices tend to be targeted at homeowners and those who need to take less hassle when installing them.
Apart from offering the benefits of the most recent connected home devices homeowners are likely to have different reasons to desire remote control for door locks.