SUNNYVALE, Calif.--(BUSINESS WIRE)--Oloid, creator of the world’s first software-based physical access technology, today announced the close of its $12 million Series A funding round, led by Dell Technologies Capital with participation from Honeywell Ventures, Okta Ventures and other previous investors. The funding, which brings Oloid’s total raised since inception to $17 million, will be used to help expand Oloid’s retrofit access control products portfolio and build nationwide sales and marketing operations.
Today, organizations that need to modernize their physical access control must invest in the hardware and installation costs to upgrade each door or turnstile with mobile access. In addition, many organizations are experiencing disruption and friction with their dated, physical badges as knowledge workers return to in-person or hybrid environments. Managing the physical badging process for millions of workers has become costly and operationally complex – especially true for employees that have lost their badges since working from home or those hired during the pandemic who may have never received a badge for physical access.
Oloid enables frictionless and secure physical identity for the workplace by integrating with existing physical access systems and enables intelligent mobile access or contactless biometrics with minimal hardware cost, via its software and mobile app. With Oloid, buildings with existing on-prem access control systems can not only upgrade to a modern and contactless building entry experience but also benefit from new age cloud-enabled features such remote management, pre-built API integrations, advanced analytics and ease of user management. The company is currently running a Beta program of its self-install product wherein the retrofit upgrades are being offered at no cost.
“Oloid is accelerating the adoption of mobile access by introducing an easy, self-install SaaS model that avoids the cost and resource constraints that traditionally plague the physical access control market,” said Mohit Garg, Co-founder and CEO of Oloid. “This round of financing will enable us to extend the compatibility of our product with a wider range of badge readers and access control systems and build direct and indirect sales channels across the nation.”
An Oloid survey of more than 100 large employers revealed that 58% are ready to adopt mobile access but find the cost and installation experience of current solutions to be prohibitive. Oloid solves this challenge with a mobile access product that enables organizations to grant badgeless access to existing doors and turnstiles to hundreds and thousands of employees with the click of a button.
“Oloid’s innovation has the potential to transform the hardware-centric access control industry into a Software-as-a-Service model with minimal capital expenditure,” said Gregg Adkin, managing director at Dell Technologies Capital. “With the movement towards hybrid work and hot desking, employers are reevaluating many aspects of the physical workplace. Seamless access control will be an important part of this shift and Oloid can take away a big part of the costs and heavy lifting of ripping and replacing existing systems and hardware.”
“Honeywell is focused on improving the occupant experience – this includes eliminating friction in a building while maintaining security fidelity of access points,” said Patrick Hogan, managing director of Honeywell Ventures. “We look forward to working with Oloid to develop next generation physical access and digital identity solutions to offer customers cost-effective and easy-to-deploy upgrades.”
About Dell Technologies Capital
Dell Technologies Capital is the global venture capital investment arm of Dell Technologies. The DTC investment team backs passionate early-stage founders who push the envelope on technology innovation for enterprises. Investing at a pace in excess of $200M per year, the team has backed more than 130 startups with notable investments in companies including Arista Networks, Cylance, Docusign, Graphcore, JFrog, MongoDB, Netskope, Nutanix, Nuvia, Redis, Xometry and Zscaler. Headquartered in Palo Alto, California, DTC also has offices in Boston and Israel. For more information, visit www.delltechnologiescapital.com.
About Honeywell
Honeywell (www.honeywell.com) is a Fortune 100 technology company that delivers industry specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.
About Oloid
Oloid is a physical identity software provider committed to providing secure and privacy-forward authentication for the modern workplace. Oloid's vision is to replace antiquated technologies such as pin-pads, badges and fingerprint readers, with frictionless identity based single sign-on for all physical access and authentication needs in a workplace. Oloid offers Industry’s first multi-modal authentication software reader for enabling mobile and facial access for employees, contractors and visitors while coexisting with the existing locks, badge readers and access control systems. For more information visit www.oloid.ai
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