October 25, 2024: OLOID, a workplace technology provider, has closed a $6 million Series A1 funding round aimed at improving its engineering capabilities and product development. This investment will back the workplace technology provider’s innovative touchless access control platform, integrating advanced multi-modal biometric authentication to meet the evolving security needs of modern workplaces.
The funding will primarily support the company’s expansion in India, where it plans to build a robust engineering team to drive its global initiatives.
To support its ambitious growth plans, OLOID intends to hire over 100 new employees by 2025, focusing on expanding its engineering and product teams in India. This strategic hiring will enable workplace technology provider to strengthen its position as a leader in workplace access and identity management solutions.
With a cumulative total of $23 million raised in Series A and A1 rounds, OLOID is poised for significant growth. The company is focused on providing seamless security upgrades for organizations, allowing them to enhance their systems without major disruptions.
By leveraging India’s rich talent pool, workplace technology provider aims to advance its workplace identity management solutions, making them more accessible and effective.
OLOID’s Approach to Converge Cyber and Physical Security
The workplace technology provider innovative approach converges cyber and physical security, offering a passwordless authentication platform already in use by over 30 companies in the U.S. This platform integrates seamlessly with HR, IT, and records systems, facilitating a unified identity solution.
Additionally, the company has partnered with Workday to broaden its digital authentication offerings across various industries.
Since the initial Series A funding, workplace technology provider has experienced remarkable growth, reporting a 600% increase in revenue and projecting over 200% growth for 2024.
The company is determined to expand its client base significantly, targeting enterprise customers with seven-figure annual contracts, promising a substantial return on investment.
