Additional Investment Will Advance Company’s Internal Operations and Smart Apartment Capabilities
PORTLAND, Ore. November 15, 2017
IOTAS, an innovator in premier smart apartment technology, announced today it has received investment from Intel Capital. The funding will be used to expand IOTAS’ internal engineering team and accelerate the development of core features in its smart apartment technology platform, which allows property managers and developers to bring a cohesive, connected Internet of Things (IoT) experience to residents. Intel Capital’s investment follows IOTAS’ funding announcement in May 2017, bringing its total raised to $6.5M.
“We’re thrilled to name Intel Capital as an investor in IOTAS because of its broad reach in the U.S. and internationally, as well as Intel Corporation’s leadership developing technology for smart and connected homes,” said Sce Pike, founder and CEO of IOTAS. “This investment allows us to develop additional core capabilities in the IOTAS platform, empowering us to deliver additional forward-thinking features and benefits to the multifamily housing community.”
In addition to its investment, Intel will be working directly with IOTAS on a number of technological developments. For example, the two companies will be working to enhance distributed and edge computing capabilities, both of which play a role in wireless devices effectively communicating with each other within an IoT-enabled network.
“A Smart Home, as we define it, is not an exclusive experience of the suburban nuclear family. For convenience, eco-responsibility, safety and cost savings, the advantages for apartment residents and property managers alike are clear,” said Miles Kingston, GM of the Smart Home Group at Intel Corporation. “However, new kinds of computing intelligence are required to meet the needs of digital living in shared and multi-tenant buildings. At Intel, we value collaboration with companies like IOTAS that understand which technologies are foundational to the Smart Home and that share our vision for an autonomous future.”
IOTAS delivers a fully-connected, smart home experience for residents and property managers that integrates IoT technology directly into multifamily units. IOTAS-enabled apartments support a wide variety of connected devices, including popular products like the Nest thermostat, Philips Hue, Google Home and Amazon’s Echo Show. The IOTAS platform can currently be found in multifamily housing buildings across 18 national markets and will be in 25 states and several regions of Canada by end of 2017. For more information, please visit: www.iotashome.com
IOTAS, which stands for IoT as a Service, is a Portland, Ore.-based developer of a smart home platform for the rental market. The company enables property developers to easily and quickly install smart outlets, switches, thermostats, door locks, sensors and more by streamlining the set-up and deployment process. With this premium offering, building owners and operators can attract new tenants and premium rents, while lowering utility and management costs. For more information, visit www.iotashome.com.
About Intel Capital
Intel Capital invests in innovative startups targeting 5G connectivity, the data center, artificial intelligence, merged reality, autonomous driving and a wide range of other disruptive technologies. Since 1991, Intel Capital has invested US $12.2 billion in 1,500 companies worldwide, and more than 640 portfolio companies have gone public or been acquired. Intel Capital curates thousands of business development introductions each year between its portfolio companies and the Global 2000. For more information on what makes Intel Capital one of the world’s most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.
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