Minut, a provider of monitoring solutions for vacation rental properties, has raised $14 million in Series B funding. Almaz Capital led the round with participation from other backers that included Zenith, Kompas, Verve Ventures and Swiss Immo Lab.
Minut has closed a $14 million Series B round 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 fuel its rapid growth and global expansion.
The vacation and business rental industry that boomed over the past decade has suffered from growing pains. Those include noise, overcrowding and various damage that affected local communities and hosts. Unfortunately, standard home monitoring solutions using cameras are not 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 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 can 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, says: “The rise of flexible working revolutionised the way we live and travel, fuelling demand for short-term rentals. Combining work and leisure is the future of travel, and we’re convinced all of the hospitality market will follow suit. Minut offers unique technology that provides hosts and managers with priceless insight from inside the accommodation, without sacrificing guest privacy. Our data goes beyond noise and it’s something the whole industry can benefit from. We’re proud to support sustainable growth of STR and we’ll continue doing so. At the same time, you can expect to see Minut sensors in a wider array of accommodations in the future.”
Sebastian Peck, Partner at KOMPAS says: “Minut has built a really compelling platform for owners of short-term rentals that protects guest privacy whilst allowing them to be good neighbours, prevent noise and comply with city ordinances. Minut’s platform also supports managers of larger property portfolios with workflow automation, making them more efficient when managing their properties remotely. The short-term rental market has proven to be remarkably resilient during the pandemic, and is poised for continuous growth. Minut’s brilliant team led by CEO Nils Mattison is extremely well positioned to capture this opportunity and create a category leader.”