Minut closes $14m Series B funding round
Sweden: Property monitoring company Minut has announced that it has closed an oversubscribed $14 million Series B round of funding to fuel its rapid growth and global expansion.
The round was led by Almaz Capital with participation from Zenith, Kompas, Verve Ventures, Swiss Immo Lab. Previous funds Karma, SOSV’s HAX and KPN Ventures continue to support the company with investment.
Over the past decade, the vacation and business rental industry has experienced a growing number of pain points ranging from noise to overcrowding and damage, which affects local communities and hosts. Standard home monitoring solutions using cameras are deemed to no longer be acceptable in such an environment due to privacy concerns.
The Minut sensor monitors noise, occupancy, motion and temperature in vacation rental properties. The company sees itself in the role of a co-host, supporting hosts in preventing parties, enhancing guest experience and protecting their homes.
Minut says that it has “pioneered and patented” its approach of sound analysis on the edge of the network.
Thanks to machine learning and AI with on-device computing capabilities, the Minut sensor is able to analyse the sound volume and events without streaming audio recordings to the cloud. This way, it provides accurate and timely data while respecting the privacy of guests.
Nils Mattisson, co-founder and CEO of Minut, said: “The rise of flexible working accelerated changes to how we live and travel. People want to experience the world like locals. They want to be guests, not tourists. This is the future of travel.
“Short-term rentals were best positioned to adapt, but we believe the whole hospitality market will follow suit. Minut facilitates this transition,” he added.
In a study across multiple European and US cities, Minut was shown to reduce neighbourhood complaints by as much as 90 per cent. The company has established partnerships with multiple players in the rental industry, including Airbnb and Kasa Living.
Vladimir Beroun, senior public policy manager at Airbnb, said: “Airbnb is actively promoting responsible and sustainable tourism. Minut’s solution supports hosts on Airbnb in their efforts to promote trust and safety in their homes and in communities.”
Yvette Romero, director of strategic product initiatives at Kasa, said: “Minut has played a vital role in helping us deliver an automated tech-enabled hospitality experience.”
Growing by over 400 per cent per year over recent years, Minut now has tens of thousands of devices in operation in more than 100 countries and offices in the United States, Sweden, France and Spain.
The company also recently launched a security dispatch service in the UK, and is continuing to add new integrations with various property management solutions, including Uplisting, SUPERHOG, apaleo and FantasticStay.
SOURCE https://shorttermrentalz.com/news/minut-seriesb-funding-round/