Oloid, a creator of the software-based physical access technology, has raised $12 million in its Series A round led by Dell Technologies Capital. Honeywell Ventures, Okta Ventures and other previous investors have also joined the round.
With the current round, Oloid’s total fundraising since inception stands at $17 million.
The proceeds will be used to help expand Oloid’s retrofit access control products portfolio and build nationwide sales and marketing operations.
Founded in 2019 by Madhu Madhusudan, Shankar Agarwal and Mohit Garg, Oloid offers Industry’s first multi-modal authentication software reader for enabling mobile and facial access for employees, contractors and visitors while coexisting with the existing locks, badge readers and access control systems.
The startup is currently running a beta program of its self-install product wherein the retrofit upgrades are being offered at no cost.