Smart Lock Companies
Smart locks have become one of the most popular "smart" technology sectors in both the residential and commercial access control markets due purely to how practical they can be in saving time and headaches while giving additional security information with access logs.
Below we take a look at some of the key players in each of the markets as well as investment and acquisition activity.
Residential Smart Locks
The residential smart lock market was disrupted for a short time with new software led startups. Over time the market has consolidated around a few large conglomerates and ecosystems.
Key ecosystems include:
- Voice Control: Alexa, Google Assistant Siri
- Smart Home Hubs: Samsung Smart Things, Google Home/Nest, Apple Homekit TV/HomePods
- Smart Home Security: ADT, Alarm.com, Vivient
- Mobile Ecosystems: Android/iOS
Spotlight & Acquisitions
The industry has taken several turns over the last few years with new industry startups causing established lock vendors to develop in-house software, hardware connectivity and app development teams. This shift has seen some consolidation via acquisitions with a smaller number of active players as the industry matures.
ASSA ABLOY was founded in 1994 and is one of the largest global suppliers of door openings solutions with over 48,000 Employees and a wide range of brands under its umbrella.
Key Smart Lock Events:
- Acquired August in 2017 for an undisclosed amount (Press release)
- August had raised a total of $73M over 3 venture rounds.
- Acquired Yale in 2000 (Press Release)
- Acquired Israel based Mul-T-Lock in 2000 (Press Release)
- 2017 Revenue of $8B
- $20B market cap
- Stock Ticker: ASAZF
Spectrum Brands was original founded as a French battery company in 1906
- 2012 - Spectrum Brands Holdings Acquires Stanley Black & Decker’s Hardware & Home Improvement Group for $1.4 Billion in Cash including Kwikset, Baldwin and Weiser
- 2003 - Black & Decker purchases Baldwin Hardware and Weiser Lock from the Masco Corporation to encompass four major brands, Kwikset, Price Pfister, Baldwin Hardware and Weiser Lock
- 1989 - Black and Decker purchases Emhart, including its Kwikset division
- Trades on NYSE as SPB
Allegion plc is a Dublin based provider of locking solutions and has a wide range of portfolio companies and investment activity. The company was formed in out of 2013 Ingersoll Rand Security Technologies as 23 global brands to join forces under the brand Allegion.
- 2018 - Launches $50M Allegion Ventures venture fund (Press Release)
- 2013 - Allegion spins off from Ingersoll Rand as independent company
- 1974 - Ingersoll Rand acquires Schlage
- Traded on NYSE with ticker ALLE
- $2B in sales
- 10,000+ employees
A closer look at some companies who have recently raised venture funding.
Investment round highlights:
- 8/2018 - Latch raises $70M Series B
- 5/2018 - Remotelock / Lockstate raises $5.8M
- 4/2018 - Igloohome raises $4M
- 4/2016 - Nuki raises $2M Seed round
- 3/2015 - August raises $38M Series B
- 11/2013 - August raises $8M Series A
- 2019: U-Tek raises $1M for U-Bolt Pro lock on Indiegogo
- Status: Shipping other lock types to public and sending this model to backers now
- 2019: US:E raises $50k on Kickstarter
- Status: Extended shipping date to backers
- 2018: Teodoor raises $200k on Kickstater and $290K on Indiegogo
- Status: Shipping to backers
- 2018: Keago raises $20k on Kickstarter
- Status: Still shipping to backers
- 2018 - KeyWe raises $500K on Kickstater and $600k on Indiegogo
- They have delivered to backers
- 2018 - Alfred raises $40k on Indiegogo
- Status: Looks like they shipped to backers but unavailable to public,
- 2017 - Ultraloq raises $700k on Indiegogo
- Status: Company is alive and selling completed locks to the public.
- 2016 - Gate raises $450k on Indiegogo
- Status: Shipped to backers and available to public.
- 2015 - Sesame raises $1.4M on Indiegogo
- Status: Company is alive and selling 2nd Gen of lock
- 2013 - Goji raises $300k on Indiegogo
- Current status. Company is closed
- 2013 - Lockitron sold more than $2.2 million in pre-orders on a direct crowdfund campaign
- Company was sold to Chamberlain Group to integrate with smart garage door offering.
Commercial Smart Locks
These companies focus on providing smart access control solutions for businesses and multi-unit apartment buildings.
Commercial Smart Locks
Looking for more startups targeting commercial smart lock market?
Ultimate Smart Lock Guide
Compare locks based on price, integrations and features.