OLOID raises $6 million in a Series A1 round to accelerate innovation and expansion in India

OLOID, a workplace technology provider specializing in access and identity management for deskless workers, today announced the successful completion of a $6 million Series A1 funding round.

The round was led by Yaletown Partners, Exposition Ventures, George Kaiser Family Foundation and Carya Ventures.

With this latest funding round, the startup has raised a total of $23 million in Series A and A1 financing from investors such as Yaletown Partners, Dell Technologies Capital, Honeywell Ventures, and Westwave Capital.

What does OLOID do?

OLOID is a provider of physical identity and access technology committed to enabling converged cyber and physical security for the modern workplace.

With a focus on ensuring secure and privacy-forward authentication, the startup establishes a framework that connects and manages workplace security by integrating with HR, IT, and various records systems, unifying cyber and physical identities across the organization.

Purpose of fundraising

OLOID will use the raised capital to support its ongoing development and expansion, particularly in strengthening its engineering and product development teams in India.

The startup claims to serve major Fortune 500 enterprises in the U.S. as its primary market. This strategic offshore setup enables the company to tap into India’s talent pool to drive the development of its technology solutions, the release notes.

“India offers a deep talent pool, and we are committed to building a strong engineering team here to drive our global initiatives,” said Shankar Agarwal, Co-founder and General Manager of OLOID India.

“Our expansion in India is about leveraging the technical expertise available to advance our workplace access and identity management solutions for the global market,” Agarwal said.

Focused on enhancing the platform

The funding would also help OLOID to continue enhancing its platform, which offers touchless access control through multi-modal biometric authentication.

OLOID’s platform integrates with existing infrastructures, allowing organizations to update their physical security systems without significant disruptions.

OLOID’s market presence

OLOID claims to have witnessed a 600% increase in revenue since raising its Series A, with a forecasted 200%+ revenue growth in 2024.

Looking ahead, OLOID plans to broaden its customer base to hundreds of enterprise customers, each delivering a seven-figure annual contract value while enabling companies to achieve a 10-15X return on their investments with OLOID.

To support this growth, the startup is focusing on expanding its engineering and product development teams in India. 

It plans to hire over 100 new employees by 2025, aiming to leverage India’s technical expertise to support its global operations.

OLOID also claims that its passwordless authentication platform is used by over 30 leading companies across the U.S., including major brands like Tyson Foods and Flex.