Quext Raises $63 Million Based on $350 Million Valuation in Latest Round of Private Funding
LUBBOCK, Texas -Quext, a Texas-based technology company that offers a cutting-edge technology platform for the multifamily industry, today announced that it secured $63 million with support from a network of private investors. This fundraising round is based on a post-money valuation of $350 million and included notable technologists and innovators. The funds raised will allow Quext to further develop its smart apartment technology platform, grow IoT inventory to meet customer demands, further safeguard its intellectual property, and expand its best-in-class sales and customer success teams, amongst other initiatives.
“At the heart of our company’s values is our sincere commitment to community, and this funding will assist in the development and deployment of technology that adds tremendous value to our investors, our clients and their residents,” said Dave Gilles, CEO, Quext. “We are humbled to have the support of nearly 300 investors, as we continue to break away from the status quo of real estate technology by providing game-changing, yet affordable, technologies that will meet the growing multifamily demand and rising market expectations.”
Since the company’s first round of funding in 2017, Quext has continued to reimagine seamless, intuitive, and powerful technology solutions for apartment communities across the United States. Quext’s most notable accomplishments range from inventing a first-of-its-kind and patented holistic IoT solution for the multifamily market powered by a custom manufactured thermostat hub with integrated low-power wide area networks (LPWAN), as well as launching several other distinct products that incorporate AI-powered capabilities, CMS integrations and fintech solutions. Its products include Quext IoT, Quext Digital Human, Quext Connect, Quext Websites, alongside a pipeline of continued disruptive innovation. Quext has also obtained multiple patents in the IoT and smart apartment space over the past several years, ensuring its intellectual property is protected while expanding its customer base and building strategic partnerships. The company is eager to create additional value for the industry and partners alike, and continue to employ high-value technology solutions that will match the anticipated customer growth.
Foley and Lardner, LP served as company counsel in connection with the financing. The Foley team was led by partner Glenn Singleton and included Eric Lauria-Banta.