Introducing Dwellwell™, the First-of-Its-Kind ‘Check Engine Light’ for Residential Properties

Rhea-AI Summary

Dwellwell has launched a comprehensive smart home monitoring product after securing $12 million in seed funding. This innovative technology offers remote alerts for HVAC, electrical, and plumbing systems, significantly reducing property maintenance costs, which exceed $80 billion annually in the U.S. Founded in 2018, Dwellwell aims to provide a holistic solution to property maintenance, allowing users to address issues proactively. This advancement comes amidst rising maintenance costs in rental properties, necessitating efficient management tools.

Positive

• Dwellwell secured $12 million in seed funding, showing investor confidence.
• The product addresses high annual residential maintenance costs exceeding $80 billion.
• Dwellwell's technology aims to reduce maintenance costs and prevent system failures.

Negative

• None.

Smart Home Sensing and Analytics Product Remotely Monitors Home System Performance, Launches Publicly After Securing $12M in Seed Funding

BETHESDA, Md.--(BUSINESS WIRE)-- Dwellwell, the first comprehensive data and analytics product that monitors the health of the entire home, has launched to transform residential property maintenance. Since its founding in 2018, Dwellwell Analytics, Inc. has raised more than $12 million in seed funding from the State of Maryland and executives from the proptech, engineering and real estate industries.

Dwellwell is an innovative smart home product that provides remote monitoring and alerts for all major residential systems, including HVAC, electrical and plumbing. It also delivers a wide-ranging view of the home’s environmental aspects, including temperature, CO presence and humidity. (Graphic: Business Wire)

Residential maintenance costs property owners in excess of $80 billion annually, yet there’s no way to know what’s happening inside a home’s vital systems until it’s too late and a catastrophe occurs. Dwellwell is an innovative smart home product that provides remote monitoring and alerts for all major residential systems, including HVAC, electrical and plumbing. It also delivers a wide-ranging view of the home’s environmental aspects, including temperature, CO presence and humidity.

Dwellwell combines patent-pending, multi-sensing technology and artificial intelligence to take the guesswork out of maintenance for owners and managers of residential property portfolios. By identifying maintenance issues as soon as they arise ‒ and eventually predicting issues before they occur ‒ Dwellwell enables users to address repairs proactively, significantly reducing costs and averting major system failures.

“In the U.S., we have 100 million cars on the road and all of them have a check engine light. By contrast, we have 130 million homes and none of them have a check engine light. Legacy smart home products typically focus on one aspect of a residence, and there has been no comprehensive solution for whole-home monitoring,” said Dan Simpkins, Dwellwell Co-Founder and CEO. “With Dwellwell, we’re introducing a much-needed holistic solution. Our team of recognized experts in the fields of sensor technology, product design, proptech and artificial intelligence has built a product that reimagines preventative home maintenance, using data and analytics.”

Since the 2008 housing crisis, the country has seen a rapid uptick in the number of single-family rental (SFR) homes, build-to-rent communities, and multi-family residences (MDU). In addition, SFR and MDU companies face rising maintenance costs of 5-10% annually and are experiencing reduced staffing to support their properties.

“Within SFR and multifamily real estate, streamlining maintenance is imperative to control costs, protect property assets, and deliver a superior resident experience," said Tim Naughton, Former CEO of AvalonBay Communities and one of several early real estate industry investors in Dwellwell. "As an all-in-one tool, Dwellwell gives property managers an unmatched level of visibility into the health of the entire residence. This tech solution is unparalleled, allowing them to move from reactive repairs to proactive, planned, and even preventative maintenance. I'm eager to see it deployed and adopted by the industry.”

For property managers who oversee expansive residential portfolios, Dwellwell provides real-time visibility into the physical condition of both occupied and vacant homes. By providing 24/7 monitoring across major home systems, operations teams can optimize their time and effectiveness during on-site property visits, focusing resources on the issues that Dwellwell has already identified.

“A ‘check engine’ for our buildings to help us monitor system functionality across our apartment portfolio is very appealing. Dwellwell provides this visibility into our building systems,” said Robert Sandler, president of Bernstein Management Corporation. “The product is designed to alert our team to maintenance issues and system irregularities in real time, and allows us to quickly address building issues before they turn into bigger problems. Dwellwell’s turnkey platform has allowed us to monitor our apartments and identify issues, and we expect this technology to continue enhancing our operations for years to come.”

About Dwellwell

Dwellwell is the first comprehensive “check engine light” for homes. The powerful technology senses and alerts residential property owners and managers to irregularities in core building systems’ performance, providing early detection of issues before they lead to system failure or devolve to catastrophic faults. Built by a team of seasoned tech entrepreneurs, Dwellwell proactively identifies issues across core property systems — including HVAC, electrical and plumbing— helping large-scale single-family rental (SFR) and multifamily owners streamline maintenance, generate cost savings and improve resident comfort. Founded in 2018, the company has raised $12 million in seed funding.

About Dan Simpkins

A serial entrepreneur who holds more than 20 U.S. patents, Simpkins brings more than two decades of startup success. He founded Hillcrest Labs, now a division of CEVA (NASDAQ: CEVA), which introduced the first SmartTV operating system to the market and developed the first motion-controller for television. He also founded SALIX Technologies, a telecom company that was acquired by Tellabs (NASDAQ: TLAB) for $300 million.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220406005873/en/

Media:

Shlomo Morgulis

Antenna Group

Shlomo.morgulis@antennagroup.com

201-465-8007

Source: Dwellwell

FAQ

What is Dwellwell's technology focused on?

Dwellwell's technology provides remote monitoring and alerts for HVAC, electrical, and plumbing systems in homes.

How much funding has Dwellwell raised?

Dwellwell has raised $12 million in seed funding.

What is the annual cost of residential maintenance in the U.S.?

Residential maintenance costs property owners in excess of $80 billion annually.

What year was Dwellwell founded?

Dwellwell was founded in 2018.

How does Dwellwell benefit property managers?

Dwellwell provides real-time visibility into property conditions, helping property managers address maintenance issues proactively.