IOTAS is raising more cash to build out its smart apartment technology platform.
Intel Capital is the latest firm to invest in the Portland-based startup, which confirmed the additional funding but declined to say how much it raised. Total funding in the 4-year-old company is $6.5 million; it raised a $5.3 million round in May. Other backers include Oregon Angel Fund, Rogue Venture Partners, the National Science Foundation, Creative Ventures, Oregon Best and Portland Seed Fund.
IOTAS will use the fresh cash to expand its operations, hire more employees, and add features to its technology. The startup works with rental property managers to install “smart” hardware and software throughout an apartment, which includes smart thermostats and outlets, and door and motion sensors. It can customize the technology for each apartment, depending on a renters needs, and integrates with smart home products from companies like Nest or Amazon.
“Our customers include property managers, developers and residents in the multifamily apartment industry,” noted Brian Young, vice president of operations at IOTAS. “The implementation of the IOTAS platform increases the market value of properties while also raising occupancy. This increases revenues for our partners which ultimately benefits IOTAS through its contracts with property management companies.”
Young added that the company also helps improve energy efficiency for residents and vacant apartments. It is also helping create a marketplace and messaging forum between residents, like at Seattle’s Nexus condominium development, as Bisnow reported.
Intel, meanwhile, is investing in its own smart home technology. It is also partnered with Amazon for a “Smart Life Roadshow” this year and last month debuted its Intel Speech Enabling Developer Kit for Alexa-enabled products.