Openpath, a company that builds keyless and contactless access systems for buildings, has raised $36 million in a series C round of funding led by Greycroft.
The raise comes as demand for contactless technologies has surged due to the COVID-19 crisis, accelerating digital payments, socially-distanced deliveries, and other technologies that are helping people to safely function in the physical world.
Founded in 2016, Culver City, California-based Openpath offers a range of hardware and software products that building owners can leverage to enable users to gain entry without the need for physical keys. The company provides the smart readers and hubs required to make buildings compatible with keyless access systems, while it also provides apps for phones and smartwatches that allow permitted individuals to gain entry with minimal effort. Additionally, Openpath also offers encrypted keycards and fobs for those who prefer a dedicated key-like device.
Interestingly, Openpath also recently launched a new “wave to unlock” entry solution in response to COVID-19. The user is still required to have their mobile phone present on them, which automatically connects to the wall-mounted reader by Bluetooth and then waits for a hand-wave or elbow-touch.
There may be a slight trade-off here between security and convenience, given that it’s technically possible for someone’s phone to be in close proximity to a doorway, while someone else walking by waves to gain entry to a doorway. However, the building owner can configure the settings to require a closer Bluetooth range before a door will be opened, or they may wish to deactivate the feature altogether for specific doors where security is of greater importance.
According to Openpath president and cofounder James Segil, Openpath launched wave to unlock in a single weekend — with minimal effort on its part.
“Our clients wanted to have a touchless experience to unlock the door,” Segil told VentureBeat. “We tested it and pushed it out, and what’s great about having a cloud based IoT platform is that now more than 10,000 doors around the country are instantly upgraded with this new feature without rolling out trucks or sending out service techs.”
Openpath currently operates in the U.S. and Canada, though it has just begun rolling its technology in the U.K. too. It’s also worth noting that while offices represent a large part of its customer base, the company’s technology is integrated into all manner of buildings including gyms, schools, residential buildings, industrial sites, retail outlets, and even parking lots.
As with many other companies that work in the contactless technology sphere, Openpath said that has enjoyed a sizable uptick in interest during the global pandemic.
“We had the best month of sales in our history in June and July is looking even better,” Segil added. “We’ve seen inbound leads and pipeline grow, and our resellers are sending out more proposals than ever. We can definitely see a spike in web traffic as well for Covid-19 related searches for our technology.”
Prior to now, Openpath had raised around $27 million, and the company said that its latest cash injection will be used to accelerate product engineering, hardware and software development, and “support its client-base across new verticals.”
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