Startups

Openpath Lands $36M In New Funding

As employers start to form their COVID-19 return-to-work plans, security startup Openpath has landed $36 million in a Series C round of funding.

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Openpath uses mobile credential and cloud-based software for contactless entry into spaces. More recently, the company introduced integrations with thermal cameras for temperature checks–a precaution many employers are taking in the age of COVID-19.

“When you look at a lot of the must-have technology for return to work, hands-free access, touchless access is kind of the number one thing on everyone’s list,” Openpath co-founder and president James Sigel said in an interview with Crunchbase News.

Openpath has features to enforce wellness verification, occupancy management, hands-free access, temperature screening, and contactless elevator integrations. It’s developing a contact tracing feature as well, according to the company’s website. With its cloud-based software able to integrate with companies’ IT systems, any changes to access are instant. So if a company is having teams rotate days in the office, those team members’ access can be synced accordingly.

Greycroft led the new round, with participation from Okta Ventures, Allegion, Sentre, LPC Ventures, and investments from previous existing backers. Emergence led Openpath’s $20 million Series B in July 2018.

The new funding will be used for research and development, investing in product and engineering, and growing the business, co-founder and CEO Alex Kazerani said. The goal is to be able to service any Fortune 500 company in any country in which it operates.

While Openpath has become known for its products for commercial office buildings, it’s developed verticals for places like schools, restaurants and houses of worship. Its lockdown feature, for example, first gained traction with school districts before houses of worship and offices became interested. The company counts Lincoln Property Company, Domino’s and Bird among its customers.

The company began selling into Canada during the first quarter of 2020 and started its European expansion plans in Q2. Openpath has been seeing 20 percent month-over-month growth, as well as seeing growth with existing customers as they expand the service to multiple buildings.

Illustration: Li-Anne Dias

Disclosure: Emergence, an investor in Openpath, is also an investor in Crunchbase, the parent company of Crunchbase News. Crunchbase’s investors are listed as part of its Crunchbase profile. For more about Crunchbase News’ editorial policies on disclosure, see the News team’s About page.

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