Oloid, software-based physical access technology, a self-install Saasmodel, 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 the team in Bangalore and Silicon Valley, it said in a press statement.
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 company is currently running a Beta program of its self-install product wherein the retrofit upgrades are being offered at no cost. The startup had raised its seed round of $5 million, in August 2019 from Emergent Ventures and Jyoti Bansal, Co-Founder and Entrepreneurial Partner at Unusual Ventures.
“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’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.
“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.
