/Open Appliances raises pre-series A round

Open Appliances raises pre-series A round

BENGALURU: Smart lock maker Open Appliances has raised pre Series A round of $ 1.3 million from Unicorn India Ventures and KARSE-MVEN Fund. Existing investors who had participated in the seed round – Axilor Capital and Kumar Vembu, Co-founder of Zoho have also put in money taking the total funding raised till date to almost $ 2 million.

In a note shared with the press, the company said that 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.

“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,” said Bhaskar Majumdar, managing partner, Unicorn India Ventures.

OpenApp is already operational in Asia and Africa and will continue further expansion into these geographies.

“The company is already a market leader in the space and with the extended round and new partners, the company intends to widen its lead. OpenApp is working towards deploying 1 lakh devices with more than half already fulfilled across Asia and Africa,” said Gotama Gowda, CEO, OpenApp.

The company plans to invest on it’s core software access platform apart from launching two new smart devices by the end of the year.

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Small Biz-Economic Times