CARMEL, Ind.--(BUSINESS WIRE)--Allegion Ventures – a $50 million corporate venture fund of Allegion plc – has made an investment in Openpath, a leading mobile access control solution with a next generation, cloud-based technology for the built world. The two organizations are also planning a strategic technology partnership to offer customers a seamless security experience beyond the entryway, in addition to the frictionless access Openpath offers today.
Rob Martens – President of Allegion Ventures as well as Chief Innovation and Design Officer at Allegion – said Openpath aligns with the venture fund’s access-as-a-service focus and will be a strong technology partner for the company.
“Openpath is leading with technology to solve customer problems – and that’s something we eagerly embrace at Allegion,” Martens said. “The possibility of aligning the products of an established Allegion brand like Schlage® with Openpath in the future could create new value in access that goes beyond an entryway door and throughout a connected environment. The outcome of such a powerful solution that uses edge devices and automation without compromising security would be not only a seamless experience for enterprise customers, but also an acceleration of momentum in users’ mobile technology adoption.”
As both an investor and technology partner, Allegion Ventures can help Openpath grow through expertise and experiences in seamless access and people flow, building codes and specification, mobile applications, channel distribution, global market penetration and more.
Alex Kazerani, Openpath’s co-founder and CEO, said, “We are excited to be a part of the Allegion Ventures portfolio. Innovating alongside a major global player in the safety and security industry is a welcomed experience, especially as we have complementary solutions and share a passion for creating unparalleled customer experiences.”
This is Allegion Ventures’ first investment in Openpath, and terms have not been disclosed. Openpath joins innovators such as Pindrop, Robin Powered and HqO in the Allegion Ventures portfolio of companies that are poised for growth.
About Allegion Ventures
Allegion Ventures is the corporate venture fund of Allegion. It invests in and accelerates the growth of companies with innovative technologies and products that have the potential to make security and access smarter, stronger, faster and less intrusive. For more information, please visit www.AllegionVentures.com.
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. To learn more, visit www.Openpath.com.
Allegion (NYSE: ALLE) is a global pioneer in seamless access, with leading brands like CISA®, Interflex®, LCN®, Schlage®, SimonsVoss® and Von Duprin®. Focusing on security around the door and adjacent areas, Allegion secures people and assets with a range of solutions for homes, businesses, schools and institutions. Allegion had $2.9 billion in revenue in 2019 and sells products in almost 130 countries. For more, visit www.allegion.com.