Intel invests in Portland 'smart apartment' startup IOTAS

Millennials are most interested in smart home technology, according to the IOTAS, but relatively few of them own homes. (IOTAS image)

Portland startup IOTAS said Wednesday it has received an investment from Intel Capital, the chipmaker's venture capital arm.

IOTAS declined to specify how much was invested, but the Portland company said it has raised $6.5 million altogether, up from $5.3 million at the time of its last funding announcement in May.

The startup now employs 34, up from 14 in May. That includes 26 working at its Portland headquarters.

IOTAS is adapting smart home technology for apartments to manage thermostats, digital assistants, lighting and other home amenities. Intel and other tech companies have been developing such technologies for large, suburban homes, but IOTAS hopes they can be useful in smaller, rented buildings, too.

"A Smart Home, as we define it, is not an exclusive experience of the suburban nuclear family. For convenience, eco-responsibility, safety and cost savings, the advantages for apartment residents and property managers alike are clear," Intel smart home general manager Miles Kingston said in a written statement.

IOTAS said it will work with Intel to improve wireless connections to the Internet of Things, an industry term for connected appliances and home gadgets.

"This investment allows us to develop additional core capabilities in the IOTAS platform, empowering us to deliver additional forward-thinking features and benefits to the multifamily housing community," said IOTAS founder and chief executive Sce Pike.

Intel's core business, supplying microprocessors for PCs, is in protracted decline. So the chipmaker is pursuing other technologies in hopes of finding new markets for its technology.

Intel Capital has already invested $566 million this year in startups all over the world. Portland has a tiny startup scene and Intel invests here infrequently. However, this is the company's second Portland investment this fall. Last month, Intel invested $2.3 million in a Portland cybersecurity startup called Eclypsium.

-- Mike Rogoway; twitter: @rogoway; 503-294-7699

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