Smart Home Startup Raises USD 71 Million in Series Funding

The easy- to- use product can be manually installed by anyone just by using a number two basic screwdriver and does not make the door look any different. It can be accessed with an Apple iPhone or Watch, or even using the physical keys included along with the lock

Fremont CA: California-based Level Homes raised USD 71 million in a Series funding round with investments from Hut 8 Ventures, Lennar Homes, and Walmart. The newly raised capital will be funded towards the development of their first patented product Level Lock, a product that can be attached to the deadbolt of your home door to make it a smart lock.

The new product is tested and certified for durability, featuring a CR2 battery with a one-year life span, and also includes ANSI GRADE 1/A security and encryption. This easy to use product can be manually installed by anyone just by using a number two basic screwdriver and does not make the door look any different. It can be accessed with an Apple iPhone or Watch, or even using the physical keys included along with the lock. Upon integration with the HomeKit application, more features like providing one-off or repeat access to people and monitoring who comes and goes become available.

“We like to think of this as the first invisible smart lock,” said CEO and Co-founder John Martin. "Why would we take the things away that matter, that are a part of who you are such as the look of your home, just in the name of tech? We have to do a better job of bringing technology into your house in a way that preserves it as your home."

The product will be priced at USD 249 when it goes on sale and can be preordered now on Level Home's site. Once the product becomes generally available, the prices are expected to fall. Over the last two years, the company has been striving to level up to Amazon on the e-commerce front, by building a range of services online and increasing ways in which it can connect with shoppers beyond visits to its large retail locations. The announcement of their new product coincides with its investor, Walmart's decision to enhance their home delivery business. With the use of Level Home's locks, Walmart can have products delivered to your homes even during your absence.

“We’re pleased to make an investment in Level Home as they unveil their latest technology, the Level Lock,” said Ashley Hubka, Senior Vice President of Corporate Strategy, Development, and Partnerships, Walmart. “Smart technology products and home automation provide us with more opportunities to serve customers in new ways today and into the future.”

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