SaaS platform Oloid has raised $12 million in Series A round, led by Dell Technologies Capital with participation from Honeywell Ventures, Okta Ventures and other existing 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.
SaaS platform Oloid was founded in 2019 by Madhu Madhusudan, Shankar Agarwal and Mohit Garg.
“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.”
“Oloid intends to use the fresh funds to enhance its products and to pool in tech talent in India. The objective is to double their workforce. The talent in India is massive and Oloid plans to expand its product footprints in the region with the right team supporting the development and distribution,” it said.
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.”
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.
“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.”
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.