OLOID raises $6M in series A1 funding led by Yaletown Partners

OLOID, a workplace technology provider, has completed a $6 million Series A1 funding round led by Yaletown Partners, Exposition Ventures, George Kaiser Family Foundation, and Carya Ventures.

The new funding will support OLOID's expansion, particularly strengthening its engineering and product teams in India, said the company in a statement.

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 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.

“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,” said Shankar Agarwal, Co-founder and General Manager, OLOID India.

Also Read

Zomato Q2 rev up 68%; Board approves Rs 8,500 Cr QIP

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.

The compnay has partnered with Workday, an enterprise cloud application for finance and HR, to expand its digital authentication solutions across industries and geographies.

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.

To support this growth, OLOID aims to hire over 100 new employees by 2025, expanding its engineering and product development teams in India.