Smart lock maker Open Appliances has raised $1.3 million as part of its pre-Series A funding from Unicorn India Ventures and KARSEMVEN Fund. Existing investors – Axilor Capital and Kumar Vembu, co-founder of Zoho have also participated in the round taking the total funding raised till date to almost $2 million. KARSEMVEN Fund is a Karnataka Govt backed VC fund. Funds raised will be utilized for sales and marketing ramp up along with R&D.
Open Appliances is a Next Gen Remote Access Technology company based in Bangalore. It designs Bluetooth and GSM-enabled smart locks primarily for enterprises. The lock can be opened remotely using OpenApp’s mobile App and an alert is sent out every time it is unlocked or in case of a threat. It also has products like a cash transit box which is Bluetooth enabled and is secured with 3-part authentication.
“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,” Gotama Gowda, Co-Founder & CEO, said in a statement.
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.
“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.”
OpenApp is already operational in sixteen states in India, Asia and Africa and will continue further expansion into these geographies.