Walmart, Lennar invest heavily in Level Home
Level Home introduces an “invisible” smart lock.
Level Home, a smart home products manufacturer, has received $71 million in funding through investments by Walmart, home builder Lennar Homes and investment firm Hut 8 Ventures.
The investment was made as the Redwood City, Calif.-based company unveiled its new Level Lock. Level Home describes the hardware as the “world’s first invisible smart lock.”
The Level Lock is designed to fit seamlessly inside a deadbolt and preserve the existing look of a home. Level Lock lets users share access to family and friends, or service providers at the touch of a button. With Apple HomeKit users can also operate Level Lock via Siri, add automations such as locking the door when the last person leaves, or receive real-time entry and exit notifications.
“Many smart home products on the market today overemphasize technology and as a result complicate our everyday lives. We believe ‘smart’ products should blend in naturally with your home while offering you an improvement to your daily routines,” said John Martin, co-founder and CEO,
Walmart said investing in the company provides the retailer with another avenue for future sales growth.
“We’re pleased to make an investment in Level Home as they unveil their latest technology, the Level Lock,” said Ashley Hubka, Senior Vice President of Corporate Strategy, Development and Partnerships, Walmart. “Smart technology products and home automation provide us with more opportunities to serve customers in new ways today and into the future.”
According to Eric Feder, managing partner for Lennar Ventures, Level Home’s approach and technology is a “game changer” for home builders.
“As one of the nation’s leading home builders, Lennar is founded on a long tradition of quality craftsmanship and attention to detail. The Level Lock will transform the smart lock category by allowing home builders to offer innovation without having to compromise on their home experience,” Feder said.
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