Smart lock company LockState closes $5.8M Series A to fast track sales & partnerships

Smart Lock Company LockState raised $5.8M Series A in new investment to fund its aggressive sales and marketing and partner development plan. The company previously raised $740K seed round and $1M in a round led by angel investors. The lead investor in latest round was Iron Gate Capital. Other investors include Kozo Keikaku Engineering Inc, Nelnet and Service Provider Capital.

Access Control Dashboard and WiFi Smart Locks

The company’s Wi-Fi-enabled RemoteLock is used by 1000s of Airbnb and other vacation rental hosts. It helps hosts remotely provide access to guests. Locking/unlocking codes can be generated via a host’s computer or smartphone.

RemoteLock’s prices start at $299 which is its algorithmic ResortLock. The most pricey lock by LockState is its ‘RemoteLock 7i Black WiFi Commercial Smart Lock’ which costs $479.

Another core product of LockState is its cloud-based remote access platform for internet-enabled locks. It implies users can remotely manage their (internet-enabled) locks via LockState’s cloud platform.

Unlike smartphones and watches, customers don’t look forward to upgrading their smart locks or buying one when new models are launched. Thus, smart lock companies offset this disadvantage by partnering with property management and short-term rental companies to get new customers.

LockState has partnered with vacation rental brands like Airbnb, HomeAway, and other listing partners to automate guest access.

“We are expanding our footprint and moving into a new warehouse office that is more than twice the size of our current office. We’re also staffing up our sales and marketing teams. We’ve accomplished a lot without investing heavily in marketing so we’ll support that area to keep our momentum going. We intend to expand into new business-to-business and enterprise verticals where we’re seeing the market grow. We are also dedicating budget toward development.” Nolan Mondrow, CEO of LockState in a statement released to news site Venture Beat

Igloohome a Singapore-based smart lock company also raised an investment of $4M in April this year.