Software-as-a-service (SaaS) company Oloid Inc on Wednesday said it has scooped up Series A funding of $12 million (around Rs 90 crore) led by Dell Technologies Capital.
The round also saw participation from Honeywell Ventures, Okta Ventures and other existing investors.
Oloid plans to use the fresh funds to boost its products and to hire tech talents in India. It also aims to double its workforce and expand product footprints in the region.
The company claims to be currently running a beta program of its self-install product wherein the retrofit upgrades are being offered at no cost
In August 2019, the platform raised seed round of $5 million from Emergent Ventures and Jyoti Bansal, Co-Founder and Entrepreneurial Partner at Unusual Ventures.
The funding brings Oloid’s total fundraise to $17 million, since its inception.
Founded in 2019 by Madhu Madhusudan, Shankar Agarwal and Mohit Garg, Oloid claims to provide a multi-modal authentication software reader that allows employees, contractors and visitors mobile and face access while coexisting with existing locks, badge readers and access control systems.
“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,” said Mohit Garg, Co-Founder and CEO of Oloid.
“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 Oloidcan take away a big part of the costs and heavy lifting of ripping and replacing existing systems and hardware,” said Gregg Adkin, Managing Director at Dell Technologies Capital.
