US-based mobile access technology provider Openpath has completed a $36m series C round featuring real estate developer Lincoln Property Company, identity authentication software provider Okta and security equipment producer Allegion.
Venture capital firm Greycroft led the round, which included real estate investment and development firm Sentre as well as unnamed existing backers. Okta, Lincoln Property and Allegion invested through Okta Ventures, LPC Ventures and Allegion Ventures respectively.
Openpath has created a mobile access system that allows users to gain access to buildings or rooms by waving their phone, without requiring an app to be opened. The funding will go to growing its customer base along with its engineering and product development activities.
Monty Gray, Okta’s senior vice-president of corporate development, said: “As the leading provider of identity for the enterprise, we understand that security teams now more than ever need to link their cybersecurity and physical security technologies together.
“Since integrating the Okta and Openpath platforms over a year ago, our many shared customers have benefited from a safer and more secure enterprise.
“We are thrilled to become a strategic partner of Openpath and support their vision, not only for our own dynamic workplace, but also for our joint enterprise customers, with end-to-end fully-encrypted contactless access control.”
Openpath co-founders Alex Kazerani and James Segil led the company’s $7m seed round in May 2018, investing alongside Upfront Ventures, Sorenson Ventures, Bonfire Ventures, Pritzker Group Venture Capital and Fika Ventures according to TechCrunch.
The seed investors all returned for a $20m series B round led by Emergence Capital in July the same year.
