LOS ANGELES - July 17, 2018
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.
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mobile communication cater to this mobile workforce, the physical ways in which we come and go from the office remain outdated.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. Emergence 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.”
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.
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 (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.