Oloid lands $6M investment round

More investment and new deals are coming to Oloid, the passwordless authentication firm that offers face and palm biometrics for access and identity management at the workplace.

The Californian company has landed a US$6 million Series A1 funding round led by venture capital investment firms Yaletown Partners, Exposition Ventures, Carya Ventures as well as the George Kaiser Family Foundation and existing investors.

Aside from the new investment, the company has also announced new integrations this month, including workforce management platform Workday and BeyondID, a Managed Identity Service Platform (MISP).

Oloid plans to integrate Workday Human Capital Management (HCM) and Workday Time Tracking with the Oloid Time Clock, a time-tracking software that can authenticate employees using face biometrics, access cards, QR codes and NFC.

With BeyondID, Oloid plans to offer identity and access management (IAM) software for frontline workers in industries such as manufacturing, logistics, healthcare, and retail. The collaboration will address a growing need for organizations with large frontline workforces, according to BeyondID co-founder Charles Fortune.

Oloid has previously partnered with Norwegian Zwipe to develop biometric access cards for use in several markets.

Another news from the company is the fresh features of its Passwordless Platform. The Presence Detection and Continuous Authentication features continuously verify the user’s identity and physical presence in front of the device and prevent unauthorized access by using facial biometrics and employee badges, according to the firm. The additions were presented at the Okta Identity Conference – Oktane 2024 in Las Vegas this month.

Article Topics

biometrics  |  funding  |  identity access management (IAM)  |  identity verification  |  Oloid  |  passwordless authentication