Openpath raises $36m to expand globally
The security startup specialising in modern mobile access control, closed a Series C funding round led by Greycroft, with Okta Ventures, LPC Ventures, Allegion Ventures and Sentre, including follow-on from existing investors.
The new round is being used to accelerate Openpath’s product engineering, hardware and software development, and will support Openpath’s expanding client-base across new verticals, as their core safety platform for the built world continues to gain traction in the US and internationally.
“Openpath is clearly one of the most innovative companies in PropTech. Their solution has been rapidly accepted by the market and it’s clear to me they will be the leading access security platform for the built world, ” said Mark Terbeek, partner at Greycroft. “We have followed this team closely since their launch and pre-empted their fundraise plans, along with a host of important strategic investors, to lead this new round of capital. We are thrilled to be an investor as they execute on their ambitious road map and bring critical new solutions to a marketplace suddenly impacted by COVID-19.”
Openpath has fundamentally changed the way that we enter and secure buildings to meet the needs of the ever-evolving nature of work. By leveraging a mobile credential and cloud based software, they have enabled a frictionless and touchless experience for how we access space.
Their systems, which have been deployed by real estate industry leaders including Hines and Lincoln Property Company, give both landlords and tenants more control over their physical security without the heavy IT costs and administrative friction associated with legacy access control solutions. More recently, Openpath launched a unique hands-free Wave to Unlock entry and a range of other safety and wellness solutions which are driving massive change to safeguard the workplace cultures as we work towards a post-Covid19 future.
“As the leading provider of identity for the enterprise, we understand that security teams now more than ever need to link their cyber security and physical security technologies together. Since integrating the Okta and Openpath platforms over a year ago, our many shared customers have benefited from a safer and more secure enterprise,” said Monty Gray, senior vice president, corporate development, Okta. “We’re thrilled to become a strategic partner of Openpath and support their vision, not only for our own dynamic workplace, but also for our joint enterprise customers, with end-to-end fully-encrypted contactless access control.”
Alex Kazerani, CEO and co-founder of Openpath, said: “Over the past number of years, the proptech industry created a new ecosystem helping buildings and companies understand, react and anticipate employee and visitor needs. The current pandemic has now more than ever validated the need for proptech, particularly for safety and security solutions, as the importance of securing our businesses, places of work, schools and houses of worship becomes paramount. We’re proud of the success we’ve had bringing to life our safety platform for the built world, and we believe that it’s a noble and important vision that Openpath is dedicated to continue executing.”
Founded in 2016, Openpath is based in Los Angeles’ Silicon Beach with an additional office in Indiana. Openpath unlocks more than five million doors per month and growing since 2018.