BETHESDA, Maryland–(BUSINESS WIRE)–Dwellwell, the first comprehensive data and analytics product that monitors whole-home health, has been launched to transform the maintenance of residential properties. Since its inception in 2018, Dwellwell Analytics, Inc. has raised over $12 million in seed funding from the State of Maryland and leaders in the proptech, engineering and real estate industries.
Home maintenance costs homeowners more than $80 billion a year, but there’s no way to know what’s going on in a home’s vital systems until it’s too late and a disaster occurs. Dwellwell is an innovative smart home product that provides remote monitoring and alerts for all major home systems including HVAC, electrical and plumbing. It also provides an overview of environmental aspects of the home, including temperature, CO presence and humidity.
Dwellwell combines patent-pending multi-sensor technology and artificial intelligence to take the guesswork out of maintenance for residential property owners and portfolio managers. Identifying maintenance issues as they arise ‒ and eventually anticipate problems before they arise ‒ Dwellwell allows users to proactively perform repairs, significantly reducing costs and preventing major system failures.
“In the United States we have 100 million cars on the road and all of them have a check engine light. In contrast, we have 130 million homes and none of them have a check engine light. Legacy smart home products typically focus on one aspect of a residence, and there hasn’t been a complete solution for whole-home monitoring,” said Dan Simpkins, co-founder and CEO of Dwellwell. “With Dwellwell, we are introducing a much-needed holistic solution. Our team of recognized experts in the fields of sensor technology, product design, proptech and artificial intelligence have created a product that reinvents maintenance. prevention from home, using data and analysis.
Since the housing crisis of 2008, the country has seen a rapid increase in the number of rental single-family homes (SFRs), rental-build communities, and multi-family residences (MDUs). In addition, SFR and MDU companies are facing an increase in maintenance costs of 5-10% per year and are experiencing a reduction in staff to support their properties.
“Across SFR and multifamily real estate, streamlining maintenance is imperative to controlling costs, protecting real estate assets, and delivering a superior resident experience,” said Tim Naughton, former CEO of AvalonBay Communities and the an early property investor in Dwellwell. “As an all-in-one tool, Dwellwell provides property managers with an unparalleled level of visibility into the health of the entire residence. This technology solution is unparalleled, allowing them to move from reactive repairs to maintenance proactive, planned and even preventive. I look forward to seeing it deployed and adopted by the industry.
For property managers overseeing large residential portfolios, Dwellwell provides real-time visibility into the physical condition of occupied and vacant homes. By providing 24/7 monitoring of key home systems, operations teams can optimize their time and efficiency during onsite property visits, focusing resources on the issues Dwellwell has already identified.
“A ‘verification engine’ for our properties to help us monitor system functionality across our apartment portfolio is very appealing. Dwellwell provides that visibility into our building systems,” said Robert Sandler, president of Bernstein Management Corporation. “The product is designed to alert our team to maintenance issues and system irregularities in real time, and allows us to quickly resolve construction issues before they escalate into larger issues. Dwellwell’s turnkey platform has allowed us to monitor our apartments and identify issues, and we expect this technology to continue to improve our operations for years to come.
Dwellwell is the first complete “check engine light” for homes. Powerful technology detects and alerts residential property owners and managers to irregularities in the performance of core building systems, enabling early detection of issues before they lead to system failure or escalation into catastrophic failures. Built by a team of seasoned technology entrepreneurs, Dwellwell proactively identifies issues in key building systems – including HVAC, electrical and plumbing – helping large-scale single-family (SFR) and multi-family homeowners to rationalize maintenance, generate savings and improve the comfort of residents. Founded in 2018, the company raised $12 million in seed funding.
About Dan Simkins
A serial entrepreneur who holds over 20 US patents, Simpkins brings over two decades of startup success. He founded Hillcrest Labs, now a division of CEVA (NASDAQ: CEVA), which brought the first SmartTV operating system to market and developed the first motion controller for television. He also founded SALIX Technologies, a telecommunications company that was acquired by Tellabs (NASDAQ: TLAB) for $300 million.