PropTech startup Openpath closes $36M Series C funding for contactless entry into buildings
We covered OpenPath in June 2018 after the Los Angeles-based startup raised $20 million in a series B funding round led by Emergence Capital. Touted as an “access control for the modern workplace,” OpenPath works by letting employees enter the office with their phones, hands free. After tapping on a reader, Openpath’s cloud-based software recognizes the phone and automatically opens the door.
Today, Openpath, a security startup specializing in modern mobile access control for the built world, today announced it has closed $36 million in Series C funding round. The round was led by Greycroft, with participation from Okta Ventures, LPC Ventures, Allegion Ventures and Sentre, including follow-on from existing investors.
Openpath said it will use the fresh funding 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.
Founded in 2016 by Alex Kazerani, James Segil, Phil Goldsmith, Rob Peters, and Samy Kamkar, Openpath Security offers a mobile and cloud enabled access control system for businesses and landlords. The startup creates smart security solutions for the modern office. The company’s flagship product, Openpath Access, combines sleek hardware with an app, enabling employees to enter the office using their smartphones and making office management easier than ever. With encryption at every level and powerful, user-level permissions, Openpath Access is both more secure and more dynamic than traditional systems.
Commenting on the funding, Mark Terbeek, Partner at Greycroft, said: “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.” Terbeek added, “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.
“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.”
Below is how it works.