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Classified in: Science and technology, Covid-19 virus
Subjects: Photo/Multimedia, Product/Service, Funding

PropTech Leader Openpath Closes Series C Round with $36M Financing to Expand its Safety Platform for the Built World

Openpath, a security startup specializing in modern mobile access control for the built world, today announced it's closed a Series C funding round of $36M, led by Greycroft, with participation from 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 U.S. 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 preempted 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 their unique hands-free Wave to Unlock entry and a range of other Safety & Wellness solutions which are driving massive change to safeguard the workplace cultures as we work towards a post-COVID-19 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."

"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," said Alex Kazerani, CEO and Co-Founder of Openpath. "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."

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About Openpath

Openpath is a leader in mobile access control solutions. Openpath allows anyone to use their mobile phone to open an authorized door with the wave of a hand, without needing the phone or app open. Openpath's patented Triple Unlock technology delivers 99.9% reliability for a secure, frictionless and fast entry experience. With a robust cloud solution, Openpath provides a comprehensive suite of enterprise cloud capabilities, future-proofing the needs of the built environment. The company has introduced innovative Tailgating and Lockdown Solutions providing the ability to lock/unlock any door, zone or building in an emergency from a mobile device. 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. To learn more, visit www.openpath.com.

About Greycroft

Greycroft is a seed-to-growth venture capital firm that partners with exceptional entrepreneurs to build the world's most transformative companies. We have deep experience in both consumer and enterprise technology and have made over 300 investments, including Acorns, Bird, Huffington Post, Icertis, Plated, Scopely, Shipt, TheRealReal, Thrive Market, Trunk Club, and Venmo. For more information visit www.greycroft.com.

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News published on 16 july 2020 at 09:05 and distributed by: