Smart lock company Level Home came out of stealth mode this week announcing $71 million in funding, thanks to a financing round co-led by Walmart and construction company Lennar Homes.
Walmart is backing Level Home in hopes that the company's Level Lock can allow the retailer to seamlessly enter the in-home delivery market.
"That's what they're real excited about," Level Home co-founder and CEO John Martin told Cheddar Thursday. "It's why they came to us."
On Tuesday, Walmart began making its first in-home deliveries in Kansas City, Pittsburgh, and Vero Beach, Florida. For $19.95 per month, a Walmart employee will enter a home equipped with a smart lock (with the wave of a phone) and deliver groceries directly into the refrigerator, all while live-streaming the process.
Martin says Walmart was attracted to Level Home because the company's smart lock can be fashioned onto any typical deadbolt, leaving the appearance of a customer's door unchanged.
"When they looked at what other locks are able to do, what they saw was this concept we differentiate on called 'invisibility,'" Martin said. "Everything you need to make a lock smart, we put it inside your door invisibly and we allow you to preserve your existing expression as a consumer."
This also means market opportunity in the United States is plentiful.
"Any existing home that has a deadbolt, which there's hundreds of millions of in the United States alone, can take that existing deadbolt and make it a smart lock in under five minutes with just a screwdriver," Martin said.
As Walmart rolls out this much-anticipated service, Level Home is ready to move in 'lock-step' with the massive retailer.
"We're well underway now to provide that service in relationship with Walmart," Martin said. "We're ready to go."