Allegion Ventures Invests in Openpath Security
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(photo courtesy Allegion)
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Openpath technology provides keyless door entry. (photo provided)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowCarmel-based Allegion Ventures has made an investment in Openpath Security Inc, a Los Angeles-based company that uses cloud technology for mobile security control. Allegion says the company has plans to open an office in Fishers.
A specific dollar amount for the investment is not being disclosed, however a spokesperson says Allegion Ventures typically invests between $250,000 and $5 million in initial funding rounds.
Allegion Ventures is the corporate venture fund of Allegion (NYSE: ALLE), which specializes in security technology, ranging from mechanical door locks to electronic locks with biometric scanning technology.
Openpath’s keyless entry system can be operated through a smartphone, watch, security card or touch Allegion Ventures President Rob Martens said Openpath aligns with the venture fund’s access-as-a-service focus.
“The possibility of aligning the products of an established Allegion brand like Schlage with Openpath in the future could create new value in access that goes beyond an entryway door and throughout a connected environment,” said Martens. “Openpath is leading with technology to solve customer problems – and that’s something we eagerly embrace at Allegion.”
Martens said the two organizations are also planning a strategic technology partnership to offer customers a seamless security experience beyond the entryway.
Allegion says it can help Openpath grow through expertise and experiences in seamless access and people flow, building codes and specification, mobile applications, and channel distribution.
“Innovating alongside a major global player in the safety and security industry is a welcomed experience, especially as we have complementary solutions and share a passion for creating unparalleled customer experiences,” said Openpath co-founder and chief executive officer Alex Kazerani.