OLOID, a workplace technology provider has raised $6 million in Series A1 funding round led by Yaletown Partners, Exposition Ventures, George Kaiser Family Foundation, Carya Ventures, and existing investors also participated in the round.
With this, OLOID 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.
The fresh capital will used for expansion, particularly in India, where the company aims to strengthen its engineering and product teams.
The funding will enable OLOID to enhance its touchless access control platform with multi-modal biometric authentication, allowing organisations to upgrade their security systems seamlessly without major disruptions. It also plans to improve workplace access and identity management, focusing on touchless, passwordless solutions to meet the evolving security needs of modern workplaces.
Since raising its Series A, OLOID has seen a 600% increase in revenue and forecasts over 200% growth in 2024. The company plans to expand its customer base to hundreds of enterprise clients, each offering a seven-figure annual contract value, delivering a 10-15X return on investment.
“This isn’t just about financial growth—it’s about expanding our mission to redefine workplace access and identity management. Our platform’s ability to integrate seamlessly with existing infrastructure, along with our commitment to frictionless passwordless solutions, enables organizations to enhance both physical and cyber security in a time when it’s needed most,” said Mohit Garg, CEO of OLOID.
Shankar Agarwal, Co-founder and General Manager of OLOID India, said, “India offers a deep talent pool, and we are committed to building a strong engineering team here to drive our global initiatives. Our expansion in India is about leveraging the technical expertise available to advance our workplace access and identity management solutions for the global market.”
“We are thrilled to partner with OLOID as they continue to innovate in identity management. Their focus on passwordless authentication, seamless system integration, and automation makes OLOID a leader in the space. Their AI-powered platform is truly a game-changer for companies navigating the complexities of hybrid work environments,” said Kamal Vasagiri, Venture Partner at Yaletown Partners.
OLOID provides physical identity and access technology aimed at converging cyber and physical security for workplaces. Its passwordless authentication platform, used by over 30 US companies, integrates with HR, IT, and records systems, unifying cyber and physical identities.
