[July 17, 2018] |
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Openpath Raises $20 Million to Change The Way We Enter and Secure Our Offices
Openpath,
a company on a mission to bring frictionless access and better security
to our workplaces, today announced it raised a $20 million Series B
round led by Emergence Capital with follow-on from all existing
investors. Openpath is the first company to do mobile access right with
its hands-free mobile entry solution Openpath Access. Founded by a team
of experienced entrepreneurs who have worked together for over 20 years
creating and scaling successful businesses, Openpath is poised to change
the way we enter and secure our offices. The new funds will be used to
further innovate and scale Openpath's technology that enables employees
to enter the office using their smartphones and makes office management
easier than ever.
This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180717005262/en/
Many employees believe they spend the whole workday at their desk, but
in reality only spend 35% of their time at their workstation; the rest
of the time, they are moving around and outside of the office, relying
on their smartphone to do everything from mobile payments to email.
While new co-working spaces and streamlined, mobile communication cater
to this mobile workforce, the physical ways in which we come and go from
the office remain outdated. Openpath's flexible, smart office access
control system, Openpath Access, provides the ability to open your
office door with the smartphone in your pocket, bringing convenience to
employees and business owners while ensuring the highest level of
security. The company's patented technology features encryption at every
level and shields against cloning, sniffing and key copying. The
cloud-based management system ensures business owners and landlords can
easily manage multiple offices and buildings from a single console
without having to install and manage local software and servers.
Alex Kazerani, Openpath's co-founder and CEO, said: "Our founding team
is a group of builders passionate about re-engineering the employee
experience. We built Openpath knowing there had to be a better way for
people to access and secure their workplaces. Emergene feels the same
way and joined with us as we fundamentally change the way people work.
With Openpath, we're drastically reducing time spent on things like
signing in visitors, replacing lost keys (the average employee loses
three keys in their time with a company) and securing an office when a
key is misplaced. Office managers, business owners and employees can now
focus their time on what's most important: getting their jobs done."
Openpath's founding team - a group that previously co-founded several
companies together, including EdgeCast, the fastest and most reliable
content delivery network - is obsessed with perfecting product
performance and reliability in order to create the best possible user
experience. This award-winning team has disrupted multiple industries
with their four prior startups that created over $500 million in
enterprise value and thousands of jobs. After realizing that access
control was an industry in need of significant improvement in
performance, reliability, user experience and design, the team set out
to build a new way to access and secure the modern workplace.
James Segil, co-founder and President of Openpath, added: "Legacy access
systems are not up to today's security standards. With years of
experience in enterprise technology and security, our team has built the
most secure, cloud-based access system that combines the personalization
of mobile security with the cost savings of cloud technology. We're
doing away with the vulnerabilities that most offices currently suffer
from: shared pin codes, copied keys, cloned fobs and always-on cameras
that make it hard to locate specific events. With these new funds, we
will ramp up research and development and further scale our systems to
continue to meet the needs of today's modern offices."
Santi Subotovsky, General Partner at Emergence Capital, said: "We are
excited to join Openpath on their journey to improve workplace
efficiency and security. This industry is ripe for innovation, and
Openpath is the company with the best product and team to finally bring
to market a true mobile and cloud based solution that delivers both form
and function. Since launching last month, Openpath has gained incredible
momentum and we look forward to supporting their passion for eliminating
friction and improving security in our daily lives."
Click
here for images and media assets.
About Openpath On a mission to improve workplace efficiency
and security, Openpath creates smart, secure access systems for the
modern office. The company's flagship product, Openpath Access, combines
sleek hardware with an app, enabling employees to enter the office using
their smartphones and making office management easier than ever. With
encryption at every level and powerful user-level permissions, Openpath
Access is both more secure and more dynamic than legacy systems. Founded
in 2016, Openpath is based in Los Angeles' Silicon Beach and has raised
$27 million to-date from Emergence Capital, Sorenson Ventures, Bonfire
Ventures, Upfront Ventures, Pritzker Group Venture Capital and Fika
Ventures. To learn more, visit www.Openpath.com.
About Emergence Capital Emergence Capital (@emergencecap),
is the leading venture capital firm focused on early stage enterprise
companies. Its mission is to be the most valuable partner to the most
important companies that are changing the way the world works. In 2017,
the firm was named Venture Firm of the Year by the National Venture
Capital Association (NVCA). The firm's investments include companies
such as Salesforce (CRM), Veeva Systems (VEEV), Box (BOX),
SuccessFactors (SFSF, acquired by SAP), Yammer (News - Alert) (acquired by Microsoft),
Zoom, ServiceMax (acquired by GE) and Intaact (acquired by Sage). More
information on Emergence Capital can be found at http://www.emcap.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180717005262/en/
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