Smart intercom creator ButterflyMX announced on Tuesday the closing of a $35 million growth equity round.
The funding round was led by Volition Capital, with participation from Egis Capital, RiverPark Ventures and Stifel Financial Corporation. The company’s total raised funds now exceed $40 million since 2017, including this latest round.
With the new funds, ButterflyMX will expand into new markets, including in international countries in North and South America and Europe. The company also plans to use the funds to develop new products to extend their smart intercom access throughout the rest of an apartment building (not just at the front door), and hire 80 new employees within the next 12 months.
ButterflyMX, which was founded in 2014 and launched commercially in 2015, produces wireless intercom systems for properties of all kinds that are typically a fraction of the cost of traditional wired video intercoms. The smart intercom system calls a resident’s phone number, enabling them to communicate from their smartphone through video and audio.
“Our smartphone-based platform is built to provide a better living and working experience by solving the access challenges associated with modern properties,” Cyrus Claffey, founder of ButterflyMX, said in a statement. “Our products also simplify the work of building staff by enabling them to focus their time effectively and efficiently, which has never been more important. Thanks to our investors, we will continue to develop products and services that help the real estate world move away from antiquated keys, fobs, and keycards for managing property access.”
In conjunction with the funding, Volition Capital Founding Partner Roger Hurwitz and Egis Capital Managing General Partner Robert Chefitz will join the board of directors at ButterflyMX.
“ButterflyMX has a track record of designing and building property technology that solves important access challenges for both building owners and property managers,” Hurwitz said in a statement. “This is particularly true today as convenience- and safety-focused access has become increasingly important within the real estate industry. With technology enhancing nearly all aspects of our lives, ButterflyMX is pioneering the way for industry professionals to take advantage of the unique benefits PropTech provides.”
“In an era where everything happens on our phones, ButterflyMX is ahead of the game,” Chefitz said in a statement. “Our research demonstrated that ButterflyMX is an instrumental part of the evolving building ecosystem and is a trusted and highly respected brand … We are thrilled to be a part of the ButterflyMX team and are looking forward to greater success.”
ButterflyMX’s technology is used by over 1 million people across 4,500 buildings every month across multifamily, commercial, senior living and student housing properties.