Security startup Openpath receives $36 million to expand its safety platform for the built world

Security startup Openpath receives $36 million to expand its safety platform for the built world

Published: 31-07-2020 11:19:30 | By: Bob Koigi | hits: 61 | Tags:

Openpath, a security startup specializing in modern mobile access control for the built world, has announced it’s closed a Series C funding round of $36 million, 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.

Alex Kazerani, CEO and Co-Founder, Openpath: “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.”

Mark Terbeek, Partner, Greycroft: “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. 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.

Monty Gray, Senior Vice President, Corporate Development, Okta: “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. 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.”

www.openpath.com