Smart lock maker Open Appliances Pvt Ltd has announced that raising pre-Series A funding from Unicorn India Ventures and KARSEMVEN Fund. In this new round, the company raised $1.3 million dollars and existing investors – Axilor Capital and Kumar Vembu, Co-founder of Zoho, have also participated in this round.
With this new funding round, the company’s has raised around $2 million. Last year, the company had raised its seed funding round from Axilor Capital and Kumar Vembu.
Commenting on this, Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, says,
Innovation like smart lock is needed by large industries who store physical things. For centuries and even now, such industries have been using archaic method of safeguarding their assets. OpenApp Smart Lock has been seeing healthy traction and their product has a global appeal, which gave us confidence to lead the round in the Company.
Gotama Gowda, Co-Founder & CEO, says,
The company is already a market leader in the space and with the extended round and new partners Unicorn India and KARSEMVEN , the company intends to widen its lead. OpenApp is working towards deploying 100k devices with more than half already fulfilled across Asia and Africa.
OpenApp’s smart lock solution serves as a Wi-Fi access point, emitting its own signal, which enables a smartphone in a remote location to connect to its network and then operate it. The firm claims that its solution does away with duplicating physical keys while providing a company’s management with detailed dashboards on employee access.
On the product side, the company will continue to invest on its core software access platform apart from launching two new smart devices by the end of the year, enabling it to become a dominant player in the IoT access market globally.