US: Smart noise monitoring company NoiseAware has announced that it has raised $8 million in Series A funding, in a round led by S3 Ventures and Thayer Ventures.
The investment positions the company, which has monitored over one million stays, to accelerate product innovation and market expansion.
NoiseAware says its market maker position is being strengthened with a “world class” investment team that balances travel and lodging expertise, “first-rate” SaaS experience, and a strategic industry network.
New board members include Eric Engineer from S3 Ventures, the largest venture capital firm focused on Texas, and Jeff Jackson from Thayer Ventures, adding NoiseAware to its growing portfolio of travel-focused companies.
Stephanie Fuhrman, founder of Catalyst Innovation Lab and former head of innovation at Greystar, will also join the board to add a wealth of experience in multifamily providers and proptech. The new board members bolster an already impressive group of advisors, which includes long-time NoiseAware investor and board member, Tom Hale, a vacation rental industry veteran who led HomeAway in product and operations through the company’s IPO and acquisition by Expedia Group.
With the funding, NoiseAware will build on its foundation in the short-term rental industry, fostering new partnerships, launching internationally, and leading the way in smart noise monitoring in the growing sector of multifamily communities.
NoiseAware CEO Andrew Schulz said: “I am incredibly proud of our team’s steadfast focus on our customers’ needs that has empowered the company to grow from a simple invention into something that both assures our customers’ homes are protected and saves them money. We are looking forward to leveraging knowledge from our new partners to help even more people concentrate on their business operation with the peace of mind that NoiseAware is keeping their investment secure.”
Thayer Ventures’ Jeff Jackson said: “With the explosive growth of the short-term rental industry, NoiseAware is poised to make a significant impact on how property managers and homeowners can optimise the earnings on their rentals.
“NoiseAware provides a unique, automated offering that we feel will grow to be valuable in many verticals within the entire lodging industry, including multifamily and traditional hotels,” he added.
Eric Engineer, venture partner of S3 Ventures, said: “We’re excited to add NoiseAware to our portfolio of trailblazing Texas-grown companies. Andrew and his team have established a clear leadership position by elegantly solving a real problem with a truly unique offering – coupled with a compelling vision for expansion into new markets.”
Key team leadership roles have recently been filled to scale the impact of NoiseAware’s business. Chief operating officer Peter Taylor, a seasoned growth driver in mid-stage companies, leads the latest round of executive hires.
Hiring is also taking place across the business, including in the positions of director of product management and strategic account manager.
Founded and developed by a rental property owner in 2015, NoiseAware claims to have been the first solution of its kind to enter the market that monitors noise as a signal for potential property damage. The NoiseAware privacy-safe smart noise monitoring solution is designed to save property owners and managers time and money, allowing them to maximise their return on rentals and minimise hassle and expense.
The company says that it has helped short-term rental homeowners and managers to save $105 million in lost rental revenue due to noise disturbances.