Ambient Closes Funding from the Wasatch Group

Ambient Property Technologies is pleased to announce that it has closed a growth funding round led by the Wasatch Group. The fresh funding will enable Ambient to continue expanding its Next Generation Smart Technology platform built specifically for Multifamily. The transaction will result in a control position for the Wasatch Group.

The Wasatch Group is a multi-vertical investment conglomerate with holdings and operations that span real estate acquisitions, management, and development as well as investments in private equity and venture capital. Over the last 3 decades, Wasatch has invested in and built over 50 companies, with a concentration in property technology that includes major successes like Conservice, Rent Dynamics, and Next Century - who were all incubated within the Wasatch portfolio.

Wasatch and Ambient have a relationship that dates back to 2015 when Wasatch became an early customer and investor. Since then, Wasatch has grown their Multifamily portfolio to nearly 20,000 units with Ambient’s platform as a core technology component of their property offerings. This additional investment demonstrates Wasatch’s continued commitment to Ambient and belief in the value of property technology and the Smart Apartment sector specifically.

“Innovation is the most powerful lever we have to create lasting value in real estate,” said Scott Stettler, COO and Managing Director of Wasatch Equity Partners. “By embracing technology that streamlines operations, enhances the resident experience, and delivers actionable insights, we can transform properties into high-performing assets. At Wasatch Equity Partners, we see Ambient Property Technologies as a prime example of how forward-thinking solutions can redefine what’s possible in the PropTech sector.”

Ambient and Wasatch are also pleased to announce that David Beenfield has been appointed as CEO, effective immediately. David, who was the Co-Founder and COO of Dwelo, brings a decade of expertise in the smart apartment market and a deep knowledge of Ambient's products to this role. David’s vision for the company will be focused on ensuring Ambient’s products and services deliver an industry-best customer experience.

“Ambient has come a long way since we founded it as Dwelo 10 years ago,” said David, “and I am honored to lead this amazing team through the next stage of our growth. With Wasatch standing behind us, we will achieve new heights and continue to set the bar for technology and service in the Smart Apartment industry.”

Outgoing CEO Mike Rovito will stay on as an advisor to support the transition.

“Ambient is in great hands with David,” said Mr. Rovito. “He and I have been on this journey together since the earliest days of the Smart Apartment industry. No one has more experience with the technology and operations necessary to make Smart Apartment customers successful than David.”

With this new funding and David’s leadership, Ambient’s best days lie ahead, building on over a decade of success. Ambient, as Dwelo, was the very first Smart Apartment provider in the industry. Today, Ambient takes its next step into the future as the leading Next Generation Smart Technology platform built specifically for Multifamily.