smart homesGraveyard archive2016-2024

Level Home

Level Home was a Redwood City startup founded by ex-Apple engineers that built 'invisible' smart deadbolts hiding all electronics inside standard-looking hardware. It raised roughly $171M and acquired multifamily software firm Dwelo, but could not sustain independence. In September 2024, lock giant ASSA ABLOY acquired Level's hardware business, IP, brand, and team, folding it into its Yale/August portfolio and ending Level Home as a standalone company.

Years active

2016-2024

Total raised

$171M

Peak headcount

51-200

Apple alumni reimagine the deadbolt

Level Home was founded in 2016 in Redwood City by John Martin and Ken Goto, several of whose team came from Apple. Its defining idea was the 'invisible' smart lock: rather than bolting a bulky module onto the door, Level embedded motor, battery, and wireless electronics inside a deadbolt the size of a standard one, preserving a home's existing hardware aesthetics. The Level Lock, Level Lock+, and Level Bolt offered app control, auto-lock, and keypad or NFC entry, with Level Lock+ adding Apple home-key tap-to-unlock. The minimalist, design-led approach set Level apart in a crowded smart-lock market.

Capital, retail backing, and a push into buildings

Level attracted notable investors, including Walmart and homebuilder Lennar early on, and in November 2021 raised a Series C of more than $100M led by Cox Communications, bringing its total raised to roughly $171M. Alongside that round it acquired Dwelo, a SaaS smart-device platform for multifamily properties, building out a property-management offering that let operators manage locks and access across whole portfolios. The move signaled an ambition beyond premium consumer hardware into the recurring-revenue world of apartment operators.

Absorbed by ASSA ABLOY

Despite its design lead and capital, Level could not remain independent as a standalone consumer-hardware startup. On September 10, 2024, Swedish lock conglomerate ASSA ABLOY acquired Level's smart-lock hardware business, intellectual property, the Level brand, and related teams, folding them into its consumer access portfolio alongside Yale and August. Level's multifamily software business was carved out separately and continued as a new subsidiary, Ambient Property Technologies, led by former Level president Michael Rovito. Level Home thereby ceased to operate as an independent company, a clean absorption rather than a bankruptcy.

What worked, what broke

What worked

Invented the 'invisible' smart lock, hiding all electronics inside a standard-sized deadbolt to preserve door aesthetics.
Drew an ex-Apple founding team whose hardware-design pedigree shaped a genuinely differentiated product.
Was an early adopter of Apple home-key tap-to-unlock on iPhone and Apple Watch via Level Lock+.
Attracted strategic backers including Walmart, Lennar, and Cox Communications, raising roughly $171M total.
Expanded into multifamily software by acquiring Dwelo, building a platform that survived as Ambient Property Technologies.

What broke

Could not sustain itself as an independent standalone consumer smart-lock hardware startup despite a strong design lead.
Operated in a crowded, capital-intensive smart-lock market dominated by incumbents with vastly larger distribution.
Premium 'invisible' hardware commanded high prices but a narrow addressable consumer market, limiting scale.
Its hardware business, IP, brand, and team were ultimately absorbed by lock giant ASSA ABLOY in September 2024.
The consumer and multifamily arms were split apart in the deal, ending the unified independent company.

Sources

Obituary authored Jun 30, 2026 via Sonnet 4.5 + web_search.