Latch raises $56 million at a $400 million valuation

Digital lock startup Latch has raised $56 million in a new funding round led by Avenir Growth Capital, valuing the company at $400 million, according to the WSJ.

• What they do: The startup manufactures smart locks for apartment buildings, which can be opened with a cellphone app, cards, or time-limited access codes. This allows residences to become more easily accessible for maintenance staff, package carriers and tenants.

• Security is key… The device takes photos of every interaction the lock has with a non-resident.

• Flashback: Brookfield Ventures led the company’s $70 million Series B round last year at a $250 million valuation. (WSJ)