Quext, a Texas-based multifamily tech company, today announced securing $63 million in funding from a network of private investors, according to a press release.
The company says it will use the capital to further develop its smart apartment technology platform, grow its IoT inventory to meet customer demand and expand its sales and customer success teams.
The company is now valued at $350 million, and provides a number of multifamily-based technology solutions for apartment communities across the United States. These products include a custom manufactured thermostat hub with low-power wide area networks (LPWAN), and other CMS and fintech integrations that enable owners to integrate smart technology into their properties.
Quext says it has obtained multiple patents in the IoT and smart apartment space over the past few years, and also noted that it will use funding to further safeguard its intellectual property and increase its market share in the space.
“At the heart of our company’s values is our sincere commitment to community, and this funding will assist in the development and deployment of technology that adds tremendous value to our investors, our clients and their residents,” stated Dave Gilles, CEO of Quext, in the release.
“We are humbled to have the support of nearly 300 investors, as we continue to break away from the status quo of real estate technology by providing game-changing, yet affordable, technologies that will meet the growing multifamily demand and rising market expectations,” Gilles said.
The complete guide to selling rental property in 2022
You buy rental properties to invest in and then eventually sell and earn capital gains. It can be one of the smartest investments you make in your lifetime. Before you sell, though, there are certain considerations you must make to ensure you handle the transaction right.
Presented by: Roofstock
The proptech also noted that Foley and Lardner, LP served as company counsel in connection with the financing, led by partner Glenn Singleton and including Eric Lauria-Banta.
In other recent proptech news, Altrio raised a $6.2 million Series A to digitize CRE workflows and increase the speed at which commercial deals are completed. Snappt also scanned its one-millionth rental application and announced finding 12% of these contained fraud.