Smart Workplace Access Startup Openpath Raises $20M In Series B
Openpath, which specializes in workplace security and access technology, raised $20M in Series B financing, led by Emergence Capital with follow-on from all its existing investors.
The new funds will be used to further modify Openpath’s technology, which enables employees to enter an office using their smartphones.
Openpath's hands-free mobile entry tech is called Openpath Access. It is an app that allows employees to open office doors without taking their smartphones out of their pockets.
Mobile tech means that employees now spend less time at their desks than they used to, and much of the time, they are moving in and out of the office, relying on their smartphone to stay in touch with their work.
According to the company, Openpath Access features encryption that shields against cloning, sniffing and key copying. The cloud-based management system also means that business owners and landlords can manage several offices and buildings from a single console without having to install local software or servers.
"We built Openpath knowing there had to be a better way for people to access and secure their workplaces," co-founder and CEO Alex Kazerani said in a statement.
"We’re doing away with the vulnerabilities that most offices currently suffer from: shared pin codes, copied keys, [and] cloned fobs," co-founder and President James Segil said in a statement.
Founded in 2016, Openpath is based in LA’s Silicon Beach and has raised $27M thus far, including the latest round. Besides Emergence Capital, additional investors included Sorenson Ventures, Bonfire Ventures, Upfront Ventures, Pritzker Group Venture Capital and Fika Ventures.
Some of Emergence Capital's other investments include Salesforce, Veeva Systems, Box, SuccessFactors and Yammer, which was acquired by Microsoft.