- Mobile access control solutions Nexkey announced it raised $6 million in Series A funding led by Upfront Ventures
Nexkey — an end-to-end provider of mobile access control solutions — announced it raised $6 million in Series A funding led by Upfront Ventures. K9 Ventures (Manu Kumar), Mark IV Capital, and Anand Chandrasekaran (former Head of Platform for Messenger at Facebook) also participated in the round.
What does Nexkey do? Nexkey has built a secure cloud-connected app that turns any smartphone into a digital key. This allows businesses to do away with keycards, fobs, and metal keys. Plus administrators can use the Nexkey app to send smart keys, manage when and how users can access space, and it can remotely unlock doors for guests. And Nexkey also offers two unique hardware solutions that can turn any existing doorway into a fully functional smart door.
For example, the Nexkey Controller ties any electrified door, from commercial entrances to driveway gates, garage doors or elevators into the Nexkey ecosystem. And the Nexkey Core is a smart cylinder that can transform any existing mechanical lock into a smart lock in under two minutes.
“The $8 billion access control market is ripe for disruption and our Series A round will help us become the new standard of access,'” said Nexkey CEO Eric Trabold. “We make the installation process extremely easy, fast and affordable, so every business can take advantage of the numerous benefits that come with mobile keyless entry.”
In the six months after Nexkey’s launch, the company’s mobile access solutions are already changing the way more than 8,500 active users deal with the daily headaches of fumbling for their keys. The Nexkey app automatically recognizes and selects matching smart keys as individual users approach different doors. And users who do not have the Nexkey app can unlock doors via text messages with a unique code.
“There are more than 300 million commercial doors in the United States and Nexkey is the only provider that is universally compatible,” added Aditi Maliwal, a partner at Upfront Ventures and a former Google product manager — who is joining Nexkey’s board as part of this investment. “Today’s access control solutions don’t align with the modern workforce’s needs for flexibility and convenience, it’s time for change and Nexkey is uniquely positioned to drive that change.”
Nexkey’s offerings have been especially useful for businesses like coworking spaces, gyms, and real estate offices. These spaces have a constant influx of new tenants, members, contractors, and other visitors.
“Nexkey has dramatically increased our efficiency by making access to our space totally frictionless,” explained Canopy CEO Amir Mortazavi. “We took a close look at everything that’s on the market, and Nexkey came out on top. We got their solution installed throughout 32 private offices in under eight hours –– it was crazy fast.”
Nexkey’s customers can track how their smart keys are being used in real time via the Nexkey App or Web Portal and deliver actionable intelligence and streamlining staffing and customer-service logistics. Plus Nexkey’s customers can also integrate Nexkey’s API with their own apps and devices so it can create integrated and customized access experiences for their employees and customers.
