Openpath Closes Series C Round With $36M Financing
The new round is being used to accelerate Openpath’s product engineering, hardware and software development in support of its expanding client base.
CULVER CITY, Calif. — Openpath, a security startup specializing in mobile access control for the built world, has closed a Series C funding round of $36M, led by Greycroft, with participation from Okta Ventures, LPC Ventures, Allegion Ventures and Sentre, including follow-on from existing investors.
The new round is being used to accelerate Openpath’s product engineering, hardware and software development, and will support its expanding client base across new verticals, according to an announcement.
“Openpath is clearly one of the most innovative companies in PropTech. Their solution has been rapidly accepted by the market and it’s clear to me they will be the leading access security platform for the built world,” states Mark Terbeek, partner at Greycroft. “We have followed this team closely since their launch and preempted their fundraise plans, along with a host of important strategic investors, to lead this new round of capital. We are thrilled to be an investor as they execute on their ambitious road map and bring critical new solutions to a marketplace suddenly impacted by COVID-19.”
By leveraging a mobile credential and Cloud-based software, Openpath wares enable a frictionless and touchless experience for how people access space. The company’s systems, which have been deployed by real estate firms including Hines and Lincoln Property Co., give both landlords and tenants more control over their physical security without the heavy IT costs and administrative friction associated with legacy access control solutions, according to the announcement.
Recently, Openpath launched a hands-free Wave to Unlock entry and a range of other safety and wellness solutions.
“As the leading provider of identity for the enterprise, we understand that security teams now more than ever need to link their cyber security and physical security technologies together. Since integrating the Okta and Openpath platforms over a year ago, our many shared customers have benefited from a safer and more secure enterprise,” says Monty Gray, senior vice president, corporate development, Okta. “We’re thrilled to become a strategic partner of Openpath and support their vision, not only for our own dynamic workplace, but also for our joint enterprise customers, with end-to-end fully-encrypted contactless access control.”
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