Smart apartment startup IOTAS said Tuesday that Intel and others had contributed to its latest funding round, putting another $8.5 million into the Portland firm.
Smart home technology – automated lighting, thermostats and the like – was initially deployed in large suburban houses where homeowners have the resources to customize their living quarters. IOTAS hopes the same technology can be appealing to renters, too, and so is working with property owners and managers to bring the technology to apartments.
Tuesday’s funding was led by TELUS Ventures, joined by Liberty Global and prior backer Intel. IOTAS said it has now raised more than $17 million altogether. Sce Pike, the Portland company’s CEO, said she expects that within five years all new residential construction will have smart home features.
“We are also experiencing 75 percent growth in conversion to smart devices, such as smart locks and smart thermostats in existing residential buildings,” Pike said in a written statement. She said IOTAS sees “a huge opportunity for growth in a variety of housing types ranging from garden style apartments, to low and mid-rise apartments, and affordable housing.”