OLOID secures $6m funding & new Workday partnership

OLOID has announced a $6 million Series A1 funding round to expand its offerings in the identity management sector.

More specifically, OLOID has secured significant investment to accelerate its growth in creating identity management solutions targeted at deskless workers. The funding round was led by Yaletown Partners, with participation from Exposition Ventures, George Kaiser Family Foundation, Carya Ventures, as well as existing investors.

The company has also announced a new strategic partnership by becoming a Workday Innovation Partner and achieving Workday Certified Integration status. This certification will allow OLOID to enhance its services by connecting Workday Human Capital Management and Workday Time Tracking with its own Time Clock tool, offering streamlined integration for its customers.

The OLOID platform provides frictionless access control through multi-modal biometric authentication, which serves to modernise security for frontline employees. Organisations can integrate the platform with their existing systems, thereby enhancing their physical security infrastructure without requiring costly overhauls. The platform is designed with a focus on ease of use, automation, and compliance, which are important factors in increasingly complex work environments.

OLOID is addressing demands for more secure and scalable workplace access technologies. The latest Workday integration positions the company to extend its digital authentication solutions across various industries globally.

"This isn't just about financial growth - it's about expanding our mission to redefine workplace access and identity management," said Mohit Garg, CEO of OLOID. "Our platform's ability to integrate seamlessly with existing infrastructure, along with our commitment to frictionless passwordless solutions, enables organisations to enhance both physical and cyber security in a time when it's needed most."

OLOID is also tackling the challenges posed by modern hybrid work environments by simplifying access control and integrating with enterprise systems like Workday. This integration aids in managing identity and security amidst the increasing complexities of workplace environments.

The achievement of Workday Certified Partner status is considered a major milestone for OLOID. This underscores the company's commitment to providing secure, enterprise-grade identity solutions that meet high technology and service standards. For customers shared with Workday, the partnership aims to offer a more streamlined, reliable experience and comprehensive support for easy implementation.

"We are thrilled to partner with OLOID as they continue to innovate in identity management," stated Kamal Vasagiri, Venture Partner at Yaletown Partners. "Their focus on passwordless authentication, seamless system integration, and automation makes OLOID a leader in the space. Their AI-powered platform is truly a game-changer for companies navigating the complexities of hybrid work environments."

OLOID employs advanced technologies such as AI for practical benefits, promoting ease of use and integration to help customers streamline access control and identity management. These AI components augment automation, making the platform's identity solutions more intelligent and adaptive.

As the company propels its growth, OLOID remains focused on developing identity solutions that fulfil the security, privacy, and operational needs of businesses worldwide.