Walmart Takes Part In $71M Funding Of Smart Lock Firm

Walmart helps fund $71M VC raise for smart lock company

Smart lock startup Level Home has raised over $71 million in funding from Walmart, Hut 8 Ventures, and home construction and real estate company Lennar.

Founded in 2016 by Apple vets John Martin and Ken Goto, Level Lock: Bolt Edition claims that it can transform any deadbolt into a connected lock.

“With every product we create, we start at square zero so we can strike the perfect balance between today’s cutting edge technology and the practicality of our everyday living experience,” CEO John Martin said, according to Venture Beat. “Many smart home products on the market today overemphasize technology and as a result complicate our everyday lives. We believe ‘smart’ products should blend in naturally with your home while offering you an improvement to your daily routines. At Level Home, we’re not just designing products for a house, we’re designing them for the people who make it a home.”

The Level Lock — which will be available in January 2020 — can be installed in about 10 minutes using a standard screwdriver, with professional installation available through HelloTech. The device comes with a removable CR2 battery that lasts for a year, and connects with Apple’s HomeKit for Siri integration. Keyless entry is available via a Bluetooth connection to a smartphone with the Level Home app, allowing family, friends, and guests to use their phones (with your permission) to unlock the door. The app will also send notifications when people come and go, and lock (or unlock) the location.

“Level Home’s unique approach and technology is a game-changer for homebuilders,” said Lennar Ventures managing general partner Eric Feder. “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.”


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.