Dwellwell, a data and analytics product that monitors the health of the entire home, launched with the goal of transforming residential property maintenance, according to the company. Bethesda, Maryland-based Dwellwell Analytics has raised more than $12 million in seed funding from the State of Maryland and executives from the proptech, engineering, and real estate industries since its founding in 2018.
Dwellwell combines patent-pending, multi-sensing technology and artificial intelligence to take the guesswork out of maintenance for owners and managers of residential property portfolios. The product provides remote monitoring and alerts for all major residential systems, including HVAC, electrical, and plumbing and also delivers a wide-ranging view of the home’s environmental aspects, including temperature, carbon dioxide presence, and humidity. By providing the opportunity to identify maintenance issues as soon as they arise—and eventually the opportunity to predict issues before they occur—Dwellwell enables users to address repairs proactively, reducing costs and averting major system failures.
“In the U.S., we have 100 million cars on the road, and all of them have a check engine light. By contract, 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 has been no comprehensive solution for whole-home monitoring,” says Dan Simpkins, Dwellwell co-founder and CEO. “With Dwellwell, we’re introducing a much-needed holistic solution. Our team of recognized experts in the fields of sensor technology, product design, proptech, and artificial intelligence has built a product that reimagines preventative home maintenance, using data and analytics.”
Streamlining maintenance can help multifamily real estate operators and single-family rental (SFR) owners control costs and protect property assets. Currently, SFR and multifamily companies are facing rising maintenance costs of 5% to 10% annually and are experiencing reduced staffing to support properties, according to Dwellwell.
“As an all-in-one tool, Dwellwell gives property managers an unmatched level of visibility into the health of the entire residence,” says Tim Naughton, former CEO of AvalonBay Communities and an early real estate investor in Dwellwell. “This tech solution is unparalleled, allowing them to move from reactive repairs to proactive, planned, and even preventative maintenance. I’m eager to see it deployed and adopted by the industry.”
Dwellwell provides real-time visibility into the physical condition of both occupied and vacant homes, aiding property managers who oversee expansive portfolios. The product helps managers optimize time and effectiveness during on-site property visits by focusing resources on issues already identified by Dwellwell.