OLOID Raises USD 6 Mn Led by Yaletown Partners, Targets India Expansion With the fresh capital, the platform aims to fuel its expansion plans, particularly in India, where the company aims to strengthen its engineering and product teams.
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OLOID, a workplace technology provider, has secured USD 6 million in a Series A1 funding round led by Yaletown Partners, Exposition Ventures, George Kaiser Family Foundation, and Carya Ventures. This brings the company's total Series A and A1 funding to USD 23 million, with previous investments from Dell Technologies Capital, Honeywell Ventures, and Westwave Capital.
The fresh capital will fuel OLOID's expansion plans, 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.
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."
OLOID specialises in 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.
With partnerships such as Workday, OLOID is expanding its digital authentication solutions across industries and geography. Since raising its Series A, the company has witnessed a 600% surge in revenue and anticipates more than 200% growth in 2024. OLOID is targeting hundreds of enterprise clients, each offering significant annual contract values, and expects to deliver a 10-15X return on investment for its customers.
As part of its growth strategy, OLOID plans to hire over 100 new employees by 2025, particularly in its engineering and product development teams in India, to support its expansion efforts.
