Proxy, a smartphone-based digital identity platform that interacts with devices through BLE (Bluetooth Low Energy) signals without touching them has raised $42M in Series B round led by Scale Venture Partners in participation with Kleiner Perkins, Y Combinator, Silicon Valley Bank and a venture studio, West. Last year, Proxy raised $13.6M in Series A and with the latest Series B funding, their total raised amount has reached $58.8M.
Proxy provides mobile access hardware devices (Mobile Reader Pro, Edge & Nano) for different environments, a secure cloud service that interacts with your existing control systems, a dashboard to manage access of your workplaces & users and most importantly an API and SDK to integrate Proxy with any device and create unlimited possibilities for businesses.
The raise brings Proxy to $58.8 million in funding so it can staff up at offices across the world and speed up deployments of its door sensor hardware and access control software. “We’re spread thin” says Mars. “Part of this funding is to try to grow up as quickly as possible and not grow for growth sake. We’re making sure we’re secure, meeting all the privacy requirements.”
How does Proxy work? Employers get their staff to install an app that knows their identity within the company, including when and where they’re allowed entry. Buildings install Proxy’s signal readers, which can either integrate with existing access control software or the startup’s own management dashboard.
Employees can then open doors, elevators, turnstiles, and garages with a Bluetooth low-energy signal without having to even take their phone out. Bosses can also opt to require a facial scan or fingerprint or a wave of the phone near the sensor. Existing keycards and fobs still work with Proxy’s Pro readers. Proxy costs about $300 to $350 per reader, plus installation and a $30 per month per reader subscription to its management software.
Luckily, Proxy has found a powerful growth flywheel. First an office in a big building gets set up, then they convince the real estate manager to equip the lobby’s turnstiles and elevators with Proxy. Other tenants in the building start to use it, so they buy Proxy for their office. Then they get their offices in other cities on board…starting the flywheel again. That’s why Proxy is doubling down on sales to commercial real estate owners.
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