OLOID unlocks $6m funding and Workday partnership
Deal News | Nov 05, 2024 | WestWave Capital LLC
OLOID, a company specializing in identity management solutions for deskless workers, has announced a $6 million Series A1 funding round to fuel its growth and expand its offerings in the sector. The funding, led by Yaletown Partners and joined by Exposition Ventures, George Kaiser Family Foundation, Carya Ventures, and existing investors, is aimed at accelerating OLOID's innovation in creating scalable and secure workplace access technologies. OLOID has also become a Workday Innovation Partner and achieved Workday Certified Integration status, which allows it to connect its Time Clock tool with Workday's Human Capital Management and Time Tracking systems. This integration is expected to enhance the company's service offerings, providing seamless and secure access management solutions across various industries. OLOID's AI-powered platform offers multi-modal biometric authentication, ensuring that organizations can upgrade their security infrastructure efficiently. The focus on passwordless solutions and system integration makes OLOID a leader in tackling the complexities of modern hybrid work environments.
Sectors
- Identity Management Technology
- Enterprise Software
- Venture Capital
Geography
- United States – OLOID and several of its investors, including George Kaiser Family Foundation, are based in the United States, making it the primary geographical focus.
- Canada – Yaletown Partners, the lead investor in the funding round, is based in Canada, adding a geographical dimension to the investment.
Industry
- Identity Management Technology – OLOID operates within the identity management technology industry, focusing on solutions like biometric authentication for secure workplace access.
- Enterprise Software – The partnership with Workday and the focus on integrating with enterprise systems highlight OLOID's involvement in the enterprise software industry.
- Venture Capital – The funding round led by Yaletown Partners and other investors situates the article in the context of venture capital investments in tech companies.
Financials
- $6 million – The amount secured in the Series A1 funding round aimed at accelerating OLOID's growth.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| OLOID | Target Company | Company | A technology firm providing identity management solutions, particularly for deskless workers. |
| Yaletown Partners | Lead Investor | Company | A Canadian venture capital firm leading the $6 million funding round for OLOID. |
| Exposition Ventures | Investor | Company | Venture capital firm participating in OLOID's Series A1 funding round. |
| George Kaiser Family Foundation | Investor | Company | A foundation participating as an investor in the funding round. |
| Carya Ventures | Investor | Company | Venture capital firm participating in the funding round for OLOID. |
| Workday | Strategic Partner | Company | Enterprise software firm partnering with OLOID for integration of their systems. |
| Mohit Garg | CEO | Person | CEO of OLOID, involved in the strategic direction and partnership announcements. |
| Kamal Vasagiri | Venture Partner | Person | Venture Partner at Yaletown Partners commenting on the investment and partnership. |