UniKey Raises Oversubscribed $10 Million Round For Smart Lock Technology

UniKey, a smart home company that focuses on smart locks and smart access control in the age of the Internet of Things (IoT), has raised an oversubscribed $10 million roundto help grow partnerships that expand their smart lock technology to the UK, Europe and Asia.

Together with lock companies Kwikset andWeiser, UniKey created a smart lock called Kevo which uses Bluetooth technology to unlock your door with your Smartphone or smart fob, no more keys. Or now, you can call them digital or eKeys. Times have changed.

Grant Hass of Haas Portman says change is inevitable.

"Either you’re either leading the pack or you’re following the Alpha, and many upstarts are still trying to make up deficits through marketing, cosmetics and back-filling product and security holes," said Haas. "We’re invested in UniKey as the market pioneer and a true innovator that is positively affecting people’s lives in a way that respects their traditional tastes and modern sensibilities."

With the new funding, UniKey plans to move beyond the Smart home into bigger markets expected to drive IoT - Smart commercial and Smart enterprise. The company plans to bring the security, smart Bluetooth, intelligence and re-key technology in Kevo to commercial access control, hospitality, government and the enterprise.

According to a 2013 IoT report fromGartner, IoT product and service suppliers will generate revenue in excess of $300 billion that will predominately be centered around services in five years by 2020. The report estimates this will translate into $1.9 trillion in global economic value-add through sales into diverse end markets.

UniKey Raises Oversubscribed  Million Round For Smart Lock Technology

NextMarket Insights takes a deeper look at the smart lock market and predicts it will be a $3.6 billion market by 2019 worldwide according to Michael Wolf, NextMarket Insights founder and chief analyst.

So when it comes to predicting the future, Phil Dumas, UniKey's founder and president might have done just that.Dumas presented the idea of a smart lock, then called a universal door key, on ABC’s ‘Shark Tank’ in 2011 before the smart lock category even existed.

“We’ve pioneered the smart lock category for the residential market five years ago and now UniKey leads the market with the most convenient and secure access solution for businesses and consumers worldwide,” said Dumas.“The global market pull has been tremendous and now we can rapidly scale to deliver solutions with the local market leaders to new international regions and to additional platform expansions tailored for vertical markets larger than the smart home market."

UniKey's Series A round came from Asset Management Ventures, AXCIT, Broadway Angels, CBRE, ff Venture Capital, Samsung, Haas Portman, Oriza Ventures and other global investors.

Luis Arbulu, Director atSamsung Global Innovation Center’s Investment Division said that UniKey unleashes a connected and updated way for homeowners to secure their home via their smartphones.

"UniKey is positioned for rapid growth with its smart lock technology and we are excited to participate in the company’s Series A round and support an enterprise-grade security technology that fits well within our home automation technology,” added Arbulu.

UniKey's business model is heavy on capital efficiency. The company licenses its technology to manufacturers which gives them access to the technology for any lock in their product line. UniKey's model lets keeps their overhead lean without the burden of manufacturing hardware or building new channels from scratch in each market and geography.

UniKey continues to make progress in the smart/IoT ecosystem from Nest to Samsung.

With their integration for the Kwikset Kevo with the Nest Learning Thermostat, you can now personalize individual thermostat preferences for everyone in the household. The company was also chosen by Samsung KNOX to deliver highly secure enterprise, government and commercial smart access management.