Proxy, the US-based personal identification technology developer backed by workspace provider WeWork, secured $42m on Monday in a series B round led by venture capital firm Scale Venture Partners.
VC firm Kleiner Perkins, accelerator operator Y Combinator, venture debt provider Silicon Valley Bank and venture studio West Ventures also took part in the round.
Founded in 2016, Proxy has created an identification system that transmits an individualised signal from a user’s mobile device, enabling them to gain access to secure physical spaces.
The company intends to put the series B proceeds into scaling its technology and expanding across North America, Asia and Europe. It is planning to open offices in the latter two regions later this year.
Proxy had previously raised $16.6m, $13.6m of which came in an April 2019 series A round led by Kleiner Perkins that included WeWork, Y Combinator and hedge fund manager Coatue Management. Its seed investors included Y Combinator and Blackbird Ventures.
Denis Mars, Proxy’s co-founder and chief executive, said: “It is fantastic to see the enthusiasm commercial real estate and enterprises have for creating new experiences with identity signals.
“With this new round, we are going to double down on transforming the workplace experience and begin expanding into new verticals. We are turning Proxy into the de facto digital identification technology for the physical world and look forward to working with Scale and our other investors to do so.”
