OLOID, a workplace technology provider specializing in identity and access management for deskless workers, today announced the successful completion of a $6 million Series A1. funds round.
The round was led by Yaletown Partners, Exposition Ventures, George Kaiser Family Foundation and Carya Ventures.
With this latest funding round, the startup has raised a total of $23 million in Series A and A1 funding from investors including Yaletown Partners, Dell Technologies Capital, Honeywell Ventures, and Westwave Capital.
What does OLOID do?
OLOID is a physical identity and access technology provider committed to enabling converged physical and cyber security for the modern workplace.
Aiming to ensure secure, privacy-oriented authentication, the startup establishes a framework that connects and manages workplace security by integrating with HR, IT, and various systems of record, unifying physical and cyber identities across the organization. organization.
Purpose of fundraising
OLOID will use the capital raised to support its continued development and expansion, particularly to strengthen its engineering and product development teams in India.
The startup claims to serve top Fortune 500 companies in the US as its primary market. This offshore strategic setup allows the company to leverage India’s talent pool to drive the development of its technology solutions, the statement said.
“India offers a deep talent pool and we are committed to building a strong engineering team here to drive our global initiatives,” said Shankar Agarwal, co-founder and CEO of OLOID India.
“Our expansion in India is about leveraging the technical expertise available to advance our workplace identity and access management solutions for the global market,” Agarwal said.
Focused on improving the platform
The funding would also help OLOID continue to improve its platform, which offers contactless access control through multimodal biometric authentication.
OLOID’s platform integrates with existing infrastructures, allowing organizations to upgrade their physical security systems without significant disruption.
OLOID market presence
OLOID claims to have witnessed a 600% increase in revenue since raising its Series A, with projected revenue growth of over 200% in 2024.
Looking ahead, OLOID plans to expand its customer base to hundreds of enterprise customers, each offering a seven-figure annual contract value while enabling businesses to achieve a 10x return on their investments. to 15 times with OLOID.
To support this growth, the startup is focusing on expanding its engineering and product development teams in India.
It plans to hire more than 100 new employees by 2025, aiming to leverage India’s technical expertise to support its global operations.
OLOID also claims that its passwordless authentication platform is used by more than 30 leading companies in the US, including major brands such as Tyson Foods and Flex.
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