ButterflyMX Gets $50M to ‘Revolutionize’ Property Management
On Tuesday, NYC-based ButterflyMX announced it closed on a $50 million Series D led by JMI Equity. The round will be used to release what the startup describes as the real estate industry’s first “unified property access solution” — a system that integrates video intercoms, keypads, key lockers, package rooms, elevator controls and smart lock integrations all together.
“Since we first introduced the smart video intercom to the world in 2015, we’ve been installed in more than 6,500 buildings and have opened over 100 million doors,” CEO Aaron Rudenstine said in a statement. “This new round of funding will allow us to finally provide the real estate industry with the only unified property access solution designed to simplify access into and throughout an entire building.”
Built In last caught up with ButterflyMX in September of 2020 when it closed its $35 million Series C. Since then, the startup says it has raised a total of $100 million, grown to 180 employees and been installed in all 50 states and throughout Canada. Its technology is meant to provide property owners and managers with a single means to control and access to their buildings, without having to buy and juggle disparate pieces of hardware and software.
This latest funding, and the development of this new unified property access solution, is a signal of a larger shift in the real estate industry, according to Suken Vakil, a general partner at JMI Equity.
“ButterflyMX’s rapid growth, impressive list of customers and best-in-class property access solutions have cemented them as a leading company in the proptech industry. Their unified access solution has revolutionized the way the real estate industry operates,” Vakil said in a statement. “Our team is excited to support ButterflyMX as they continue to create innovative products and services that transform the way people live, work, and play in buildings.”