NoiseAware,
a startup that provides noise monitoring for short-term rentals, has raised $8
million in a Series A funding round led by S3 Ventures and Thayer Ventures.
The Dallas-based
company says it will use the capital to accelerate product innovation, expand
internationally and explore markets beyond short-term rentals.
“I am incredibly
proud of our team's steadfast focus on our customers’ needs that has empowered
the company to grow from a simple invention into something that both
assures our customers’ homes are protected and saves them money,” says Andrew
Schulz, NoiseAware CEO.
“We are looking
forward to leveraging knowledge from our new partners to help even more people
concentrate on their business operation with the peace of mind that NoiseAware
is keeping their investment secure.”
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NoiseAware, developed by a rental property
owner in 2015, says it has saved homeowners and managers $105 million in lost
rental revenue due to noise disturbances.
The system uses indoor and outdoor sensors
to measure noise levels and duration and calculates the data as a “noise risk
score” that property owners can view in a mobile dashboard. If the noise level
exceeds customized levels, owners receive an alert.
“With the explosive growth of the
short-term rental industry, NoiseAware is poised to make a significant impact
on how property managers and homeowners can optimize the earnings on their
rentals,” says Jeff Jackson, managing director at Thayer Ventures.
“NoiseAware provides a unique, automated
offering that we feel will grow to be valuable in many verticals within the
entire lodging industry, including multifamily and traditional hotels.”
Along
with the funding, NoiseAware is adding Jackson, S3 Ventures partner Eric Engineer
and Catalyst Innovation Lab founder Stephanie Fuhrman as board members.