On August 22nd, smart door lock manufacturer Latch announced that it has received RMB 70 million B round of financing, led by Brookfield Ventures, and seven investment institutions including RRE Ventures, Lux Capital and Primary Venture Partners. Five of the eight investment institutions in this round have participated in Latch's previous three rounds totaling $26 million in financing. This round of funding will be used for new product development, performance enhancements and expansion of new markets.

Founded in 2013, Latch's integrated hardware and software door lock system is the world's first smart home solution for multi-family homes for all residents in the entire building. At present, Latch has cooperated with many famous developers, including Alliance Residential, Brookfield, Encore Capital Management, Prometheus, etc. The products have been launched in residential projects in many major cities in the United States.

The current round of investment venture Brook Ventures is the investment arm of Brookfield Asset Management, a Canadian asset management organization. As part of the transaction, the Brookfield Proporties real estate company, which is part of the same group, will install the Latch smart door lock system in the multi-family house.

Brookfield Ventures director Josh Raffaelli said that the smart door lock market for multi-family homes is close to $25 billion, and it is estimated that it will grow twice as fast as the average smart door lock in the next few years, and Latch is on this segment. This investment will further deepen the strategic and financial partnership between Brookfield and Latch.

In July last year, Latch launched the smart door lock Latch C, which can be controlled by the home application HomeKit, Siri or the proprietary Latch app on Apple devices.

（Source: JJgle.com）