Nexkey is a company that produces a mobile access control resolution for commercial buildings and workspaces.
NexKey’s Latest Round of Investment
It has announced that it has raised a $6 million Series A round, headed by Upfront Ventures.
K9 Ventures, Anand Chandrasekaran, and Mark IV Capital, the former head of Platform for Messenger at Facebook, also partook in the round.
Upfront also managed Nexkey’s $4.8 million seed round.
The company can transform your smartphone into your door key and substitutes the device you use during work to get in and out of buildings.
The Story of Nexkey
Nexkey gives an end-to-end resolution that involves the App, as well as hardware controllers and lock barrels for your doors that can substitute legacy hardware.
There additionally is an API to provide its solutions to connect to other applications and tools inside a workspace.
In several ways, Nexkey is comparable to Openpath, which raised $7 million in a seed round that also involved Upfront Ventures.
Nexkey CEO Eric Trabold says the company will apply the new funding to extend to the balance of the United States its overall sales attempts from its present focus on California.
He saw that the company needed to better know its users’ needs before extending to other geographies.
The company also understood that it rested on a lot of data that was important to its customers.
They are currently exposing this by an audit trail right in their App and are going to make other, more visible ways to reveal this data to their customers.
The Introduction of the Web Portal
Trabold said that they are going to have high-level reports that can be obtained or downloaded through their Web Portal.
This will help their clients to optimize how they manage their spaces.
The company says the new funding will also enable it to use more resources to help it give more benefit to its users based on this data.
Amongst the other things it got from its new customers is that many of its users don’t always want to have their doors locked at all times.
But instead, they usually want to keep them open for anybody during business hours.
The company’s users that operate co-working spaces and gyms also requested the company for a more straightforward onboarding process.
Plus, the capability to implement access rules to various user types, something it is presently beta testing in its iOS app.
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