SmartRent raises $60 million to manage connected buildings

SmartRent, which provides smart home automation for property owners, managers, developers, and residents, today announced that it has raised $60 million. CEO Lucas Haldeman said the funding will enable the company's next phase of growth as it expands its portfolio of offerings. According to Statista, revenue from the smart home market is anticipated to climb 18.3% from 2020 to 2023, resulting in market volume of $41 billion within the next three years. But appliances, lighting fixtures, and security cameras are often not user-friendly, which has threatened to impede adoption. A survey conducted by TechSee found that nearly 74% of respondents were "certain" or "very likely" to return a new smart home purchase if they found it difficult to install.