Austria’s Nuki wants to replace physical keys with smartphones; raises €20M and plans to hire 100+ people

Graz, Austria-based Nuki Home Solutions provides smart home solutions and makes access controls smarter and physical keys irrelevant. In a recent development, the company announced that it has raised €20M in a fresh round of funding.

Investors in this round

The round saw investment from new investor Cipio Partners. Founded in 2003, Cipio Partners is an investment management and advisory firm for European growth capital & minority buyouts for technology companies. The firm targets European growth stage technology businesses with €10M to €50M in revenue and makes initial investments typically ranging from €3M to €10M.

In addition, existing investors Up to Eleven, Fortuna, and Venta also participated in this new round. As for Allegion PLC, it ceases to be a shareholder but remains as a strategic partner in the future.

What does Nuki offer?

Founded in 2014 by brothers Martin and Jürgen Pansy, Nuki operates with the mission to make access controls smarter. With the help of smartphones, physical keys are not irrelevant. The company believes in the power of mobile technology to facilitate the daily lives of its users.

The company’s core product is the Nuki Smart Lock 2.0, an electronic door lock. In combination with the Nuki smartphone app and various integration options in smart home systems, Nuki offers its users convenience and security around the door. Notably, the Nuki Smart Lock has been certified by AV-Test. The Smart Lock communication is end-to-end encrypted with security standards comparable with those of the online banking sector.

Another main product in the portfolio, with the Nuki Opener, entrance doors of apartment buildings can be opened via the intercom by using a smartphone. Additionally, Nuki provides a range of accessories, like the Keypad and the Fob, that allow access without a smartphone.

Since Nuki’s market launch in 2016, the company claims to have grown as a market leader for smart, retrofit access solutions in Europe. The company’s preferred partners include brands like Apple, Google, and Airbnb. As of today, the smart access solutions have been sold over 150,000 times.

Nuki’s crowdfunding story

Back in June 2015, Nuki’s founders started a Kickstarter campaign to receive honest feedback on their idea and raise €125,000. According to the company, it raised around €385,000 after 45 days. This capital helped the duo to develop Nuki’s first line of product. 

Martin Pansy says, “The potential that is out there on the market is enormous – the digitalisation of keys and locks is only just beginning. Through continuous development of our products and sales channels, we will open up further exciting segments for Nuki in the future.”

How will the funds be used?

Recently, Nuki presented the Smart Door, which integrates all Nuki features directly into the door as part of the ‘Works with Nuki’ program. And according to the company, from autumn 2021, the tried and tested smart technology from Nuki will be available as a set for direct installation in a motorised door for new buildings and renovation projects.

To help achieve these goals, Nuki will more than double the team of currently 100 employees in the coming years. The company mentions, at its headquarters in Graz alone, over €10M will be invested in the development of new products and technologies.