Oloid raises $12 Million in funding round

Oloid, a SaaS company has raised $12 million in a funding round led by Dell Technologies Capital along with the participation of Honeywell Ventures, Okta Ventures and other investors.

It will help the company to expand its retrofit access control products portfolio and teams in Bangalore and Silicon Valley. The company also plans to use the funds to enhance its products and to pool tech talent in India with an objective to double its staff. The company is running a self-install Beta program under which it will provide retrofit upgrades for free of cost.

The CEO and founder of Oloid, Mohit Garg has said that the company is accelerating the adoption of mobile access with the introduction of an easy, self-install SaaS model that avoids the cost and resource constraints that traditionally plague the physical access control market.

A survey of the company with more than 100 employers revealed that around 58% are ready to adopt mobile access but find the cost and installation experience of current solutions to be prohibitive. Oloid tends to solve this challenge with a mobile access product that enables organisations to grant badgeless access to existing doors and turnstiles to thousands of employees with a click of a button.

Companies can integrate physical access with other IT systems like employee records, onboarding workflows, domain login and others once these are retrofitted with the Oloid.