SUMMARY
- OLOID has secured $6 million in its Series A1 round of funding.
- Yaletown Partners, Exposition Ventures, George Kaiser Family Foundation, and Carya Ventures participated in the round.
- OLOID has now pocketed a total of $23 million in its Series A and A1 funding rounds.
Workplace technology provider OLOID has secured $6 million in its Series A1 round of funding led by Yaletown Partners, Exposition Ventures, George Kaiser Family Foundation, and Carya Ventures.
This funding will be used to further OLOID’s growth, with a focus on strengthening its engineering and product departments in India, as mentioned in a press release.
As a result of this funding, OLOID has now pocketed a total of $23 million in its Series A and A1 funding rounds, with investors including Yaletown Partners, Dell Technologies Capital, Honeywell Ventures, and Westwave Capital.
This capital will allow OLOID to improve its touchless access control system, which includes multi-modal biometric authentication, enabling organizations to enhance their security systems without significant interruptions.
Additionally, OLOID aims to enhance its solutions for managing access and identity in the workplace, with an emphasis on touchless and passwordless methods to meet the growing security demands of contemporary work environments.
Shankar Agarwal, Co-founder and General Manager, OLOID India, stated, “India offers a deep talent pool, and we are committed to building a strong engineering team here to drive our global initiatives. Our expansion in India is about leveraging the technical expertise available to advance our workplace access and identity management solutions for the global market.”
OLOID offers technology for physical identity and access, focusing on merging cyber and physical security for workspaces. Its passwordless authentication platform, utilized by more than 30 companies in the US, seamlessly integrates with HR, IT, and records systems, blending cyber and physical identities.
The company has collaborated with Workday, an enterprise cloud application for finance and HR, to expand its digital authentication solutions across various sectors and regions.
Since its Series A funding, OLOID has experienced a 600% increase in revenue and anticipates over 200% growth in 2024. With this in mind, OLOID plans to broaden its customer base to include hundreds of enterprise clients, each with contracts worth seven figures, promising a return on investment of 10-15X.
OLOID intends to hire over 100 new staff members by 2025 to support this expansion, focusing on expanding its engineering and product development teams in India.
