[Funding alert] Oloid raises $12M in Series A led by Dell Technologies Capital

Oloid, a startup that creates software-based physical access technology in a self-install SaaS (Software-as-a-Service) model, has raised a funding of $12 million in a Series A round, led by Dell Technologies Capital. This round saw participation from Honeywell Ventures, Okta Ventures, and other previous investors. 

This current funding brings the total raised by the startup to $17 million. Oloid will use this capital to expand its retrofit access control products portfolio and its teams in Bangalore and Silicon Valley, it said in a statement.

The startup added that its objective is to double the workforce as "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".

“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,” said Mohit Garg, Co-founder and CEO of Oloid.

“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.” 

At present, Oloid is running a Beta program of its self-install product wherein the retrofit upgrades are being offered at no cost.

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“Oloid’s innovation has the potential to transform the hardware-centric access control industry into a SaaS 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 reevaluating many aspects of the physical workplace. Seamless access control will be an important part of this shift and Oloid can take away a big part of the costs and heavy lifting of ripping and replacing existing systems and hardware.” 

Founded in 2018 by Madhu Madhusudhanan and Mohit Garg, Oloid is headquartered in California. Mohit has previously co-founded Indian SaaS unicorn MindTickle.

Oloid raised a seed round of $5 million in August 2019 from Emergent Ventures and Jyoti Bansal, Co-founder and entrepreneurial partner at Unusual Ventures.

“Honeywell is focused on improving the occupant experience – this includes eliminating friction in a building while maintaining security fidelity of access points,” said Patrick Hogan, managing director of Honeywell Ventures, “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.”