Yale, a lock manufacturing company owned by the Assa Abloy group acquired smart lock maker August Home. Terms of the deal were not disclosed.
It was in July this year that August Home had raised a big chunk of money in the form of $ 25M Series C which brought the upstart lock maker’s total equity funding to $ 73M. It also formed partnerships with vacation rental companies Airbnb and HomeAway to piggyback the latter’s established relationships with homeowners and hence increase its own share in the smart home market.
August Home’s main products are smart locks and video doorbells. “August Home strengthens our residential smart door strategy with complementary smart locks, expansion into video doorbells and comprehensive solutions for home delivery,” said Thanasis Molokotos, executive vice president ASSA.
By acquiring the fast-growing startup, the Sweden-based Assa Abloy plans to strengthen its smart lock market and August Home proves out to be an appropriate candidate as August’s revenues for 2018 are expected to be around $ 60M. August sells its products through its own website as well as via retailers like Amazon.