Nexkey Raises $6M Series A Round to Grow Mobile Access Solutions
The round was led by Upfront Ventures. Manu Kumar’s K9 Ventures, Mark IV Capital and Anand Chandrasekaran also participated.
Nexkey bills its Cloud-connected app as turning any smartphone into a digital key, allowing businesses to do away with keycards, fobs and metal keys.
SAN MATEO, Calif. — Nexkey, an end-to-end provider of mobile access control solutions, has raised a $6 million Series A round led by Upfront Ventures. Manu Kumar’s K9 Ventures, Mark IV Capital and Anand Chandrasekaran, former head of platform for Messenger at Facebook also participated in the round.
Nexkey bills its Cloud-connected app as turning any smartphone into a digital key, allowing businesses to do away with keycards, fobs and metal keys. Administrators can use the company’s app to send smart keys, manage when and how users can access a given space, and remotely unlock doors for guests.
The company also offers two hardware solutions that are said to turn any existing doorway into a fully functional smart door. The Nexkey Controller ties any electrified door, from commercial entrances to driveway gates, garage doors or elevators into the Nexkey ecosystem.
The Nexkey Core, meanwhile, is a smart cylinder that can transform any existing mechanical lock into a smart lock in under two minutes, according to the company.
“There are more than 300 million commercial doors in the United States and Nexkey is the only provider that is universally compatible,” states Aditi Maliwal, partner at Upfront Ventures and former Google product manager, who is joining Nexkey’s board as part of this investment. “Today’s access control solutions don’t align with the modern workforce’s needs for flexibility and convenience, it’s time for change and Nexkey is uniquely positioned to drive that change.”
The company made its trade show debut at ISC West 2019, where it went on to be selected as a SIA New Product Showcase winner in the Access Control Devices & Peripherals (Wireless) category.
The company says its offerings are proving especially useful for businesses such as coworking spaces, gyms and real estate offices, which have a constant influx of new tenants, members, contractors and other visitors.
“Nexkey has dramatically increased our efficiency by making access to our space totally frictionless,” says Amir Mortazavi, CEO of Canopy, a San Francisco-based coworking spaces chain. “We took a close look at everything that’s on the market, and Nexkey came out on top. We got their solution installed throughout 32 private offices in under eight hours –– it was crazy fast.”
Businesses can track how their smart keys are being used in real time via the the company’s app or web portal, delivering actionable intelligence and streamlining staffing and customer-service logistics. Nexkey customers can also integrate the company’s API with their own apps and devices to create integrated and customized access experiences for their employees and customers.
“The $8 billion access control market is ripe for disruption and our Series A round will help us become the new standard of access,” says Eric Trabold, CEO. “We make the installation process extremely easy, fast and affordable, so every business can take advantage of the numerous benefits that come with mobile keyless entry.”
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