Quext, a Texas-based technology company that offers a cutting-edge technology platform for the multifamily industry, today announced that it secured $63 million with support from a network of private investors. This fundraising round is based on a post-money valuation of $350 million and included notable technologists and innovators. The funds raised will allow Quext to further develop its smart apartment technology platform, grow IoT inventory to meet customer demands, further safeguard its intellectual property, and expand its best-in-class sales and customer success teams, amongst other initiatives.
“At the heart of our company’s values is our sincere commitment to community, and this funding will assist in the development and deployment of technology that adds tremendous value to our investors, our clients and their residents,”Quext CEO Dave Gilles. “We are humbled to have the support of nearly 300 investors, as we continue to break away from the status quo of real estate technology by providing game-changing, yet affordable, technologies that will meet the growing multifamily demand and rising market expectations.”
Since the company’s first round of funding in 2017, Quext has continued to reimagine seamless, intuitive, and powerful technology solutions for apartment communities across the United States. Quext’s most notable accomplishments range from inventing a first-of-its-kind and patented holistic IoT solution for the multifamily market powered by a custom manufactured thermostat hub with integrated low-power wide area networks (LPWAN), as well as launching several other distinct products that incorporate AI-powered capabilities, CMS integrations and fintech solutions. Its products include Quext IoT, Quext Digital Human, Quext Connect, Quext Websites, alongside a pipeline of continued disruptive innovation. Quext has been granted multiple patents in IoT, smart apartment and other areas over the years. This protects its intellectual property while helping to expand its customer base and build strategic partnerships. Quext is keen to add value to the industry and its partners and to continue to use high-value technology solutions to meet the expected customer growth.
Foley and Lardner, LP served as company counsel in connection with the financing. Glenn Singleton, Foley partner, led the team that included Eric Lauria–Banta.