Oloid, creator of software-based physical access technology, has announced the close of its US$ 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 US$ 17 million, will be used to help expand Oloid’s retrofit access control products portfolio and build nationwide sales and marketing operations.
Today, organisations that need to modernise their physical access control must invest in the hardware and installation costs to upgrade each door or turnstile with mobile access. In addition, many organisations 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 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. 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,” said Mohit Garg, Co-founder and CEO, Oloid.
“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. 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,” said Gregg Adkin, Managing Director, 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, Honeywell Ventures.