This decision comes after the e-commerce behemoth’s unveiling of Amazon Key last year, a smart lock and camera system that made it possible for packages to be left inside instead of out where they would be vulnerable to theft.
As on-demand delivery booms, Amazon is not the only entity valuing front-door technology. Service providers have felt encumbered by low-tech doors as they try to expand. Developers of smart-locks and home security companies have been putting resources into this space as have certain venture investors.
Money is being put into changing the status quo, which still heavily favors metal keys and locks with no digital component. Venture investors have placed more than $200 million into a collection of businesses and companies that work with keys, building access, and locks since last year. Crunchbase funding data indicates these companies now have more than $500 million.
Some $200 million went to Ring, which is one of two companies with heavy funding that has been acquired in the past several months. August Home, a developer of smart locks, had secured more than $70 million in venture funding in October before it was sold to ASSA ABLOY Group, the biggest global supplier of front entry products for an undisclosed sum.
As smart building systems continue to evolve and develop, there is good reason to suspect smart locks and entry tech will keep pushing into mainstream life. It’s not just for residences, many businesses are looking for simpler entry solutions as well.
The valuation of this space makes sense given that delivery as an industry has a collective valuation in the trillions, with Amazon.com alone valued at $700 billion.