Smart-Lock Maker August Keys Into $38 Million Series B For Expansion
August, the maker of a hardware and software program that lets users control a home’s lock from a smartphone, received $38 million in Series B backing from investors whose focus ranges from entertainment to technology-enabled products.
Co-founded by entrepreneur Jason Johnson and designer Yves Béhar, the company started selling the August Smart Lock in October. It currently sells the lock on its Website, Amazon.com, and at Apple stores nationally. The San Francisco-based company said it is using the funding, which was led by Bessemer Venture Partners and included Qualcomm Ventures and Comcast Ventures, to launch new home-access products, expand into new retail markets, and to make hires.
The device operates on Apple’s iOS and on Android systems, using an app to control the lock. An owner of the August Smart Lock can give anyone they choose the ability to virtually unlock or lock the door. The lock costs $249.99.
August started selling a second device in February, Connect, which allows a user to control the lock remotely. The device, which connects to the home’s WiFi and Internet, costs $49.99.
The company had previously raised $12 million from investors including Maveron, Cowboy Ventures, Industry Ventures, Rho Ventures, and SoftTech VC, which also participated in the Series B round. Other investors in the $38 million funding include CAA Ventures, Dolby Family Ventures, Global Brain, KDDI, SanDisk Ventures, and Singtel Innov8.
Rob Stavis of Bessemer is joining the company’s board.