Software-as-a-service (SaaS) firm Oloid has raised $12 million in its Series A round, led by Dell Technologies Capital with participation from Honeywell Ventures, Okta Ventures and other existing investors.

The funding, which brings Oloid’s total raised since inception to $17 million, will be used to help expand its retrofit access control products portfolio and the team in Bengaluru and Silicon Valley, the company said in a statement.

“Oloid intends to use the fresh funds to enhance its products and to pool in tech talent in India. The objective is to double their workforce. The talent in India is massive and Oloid plans to expand its product footprints in the region with the right team supporting the development and distribution,” it said.

The startup had raised $5 million in its seed round in August 2019 from Emergent Ventures and Jyoti Bansal, co-founder and entrepreneurial partner at Unusual Ventures.

Founded in 2019 by Madhu Madhusudan, Shankar Agarwal and Mohit Garg, Oloid is accelerating the adoption of mobile access by introducing an easy, self-install SaaS model that avoids the cost and resource constraints that traditionally plague the physical access control market.

Garg has earlier cofounded SaaS unicorn Mindtickle.

“This round of financing will enable us to extend the compatibility of our product with a wider range of badge readers and access control systems and build direct and indirect sales channels across the nation,” Garg, also its chief executive, said.

According to him, the company’s revenue run rate as of last financial year was around Rs 5 crore. The company is seeing a 16% month on month growth in users and is currently deployed in more than 150 locations and processes around five million transactions (employees entering or leaving the building) every month.

An Oloid survey of more than 100 large employers revealed that 58% are ready to adopt mobile access but find the cost and installation experience of current solutions to be prohibitive.

Oloid solves this challenge with a mobile access product that enables organizations to grant badge-less access to existing doors and turnstiles to hundreds and thousands of employees with the click of a button.

“Oloid’s innovation has the potential to transform the hardware-centric access control industry into a Software-as-a-Service model with minimal capital expenditure,” said Gregg Adkin, managing director at Dell Technologies Capital. “With the movement towards hybrid work and hot desking, employers are re-evaluating many aspects of the physical workplace. Seamless access control will be an important part of this shift,” he added.

“We look forward to working with Oloid to develop next generation physical access and digital identity solutions to offer customers cost-effective and easy-to-deploy upgrades,” said Patrick Hogan, managing director of Honeywell Ventures.

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