DLA Piper represented Openpath, a proptech startup focused on mobile access control solutions, in its US$36 million Series C financing led by Greycroft, with participation from Okta Ventures, LPC Ventures, Allegion Ventures and Sentre, including follow-on from existing investors.
Openpath's patented Triple Unlock technology allows anyone to use their mobile phone to open an authorized door with the wave of a hand. The company has also introduced innovative Tailgating and Lockdown Solutions that provide the ability to lock or unlock any door, zone or building in an emergency from a mobile device. By leveraging a mobile credential and cloud-based software, Openpath has enabled a frictionless and touchless experience for accessing space. The company’s systems give both landlords and tenants more control over their physical security and are driving massive change to safeguard the workplace as businesses move toward a post-COVID-19 future.
The new round is being used to accelerate Openpath’s product engineering, hardware and software development and will support Openpath’s expanding client base across new verticals, as its core safety platform for the built world continues to gain traction in the US and internationally.
"Openpath’s solutions are streamlining access security and transforming the way businesses are able to operate in today’s environment,” said Randy Socol, the DLA Piper partner who led the firm’s deal team. “We have had the pleasure of working with this incredible team since formation through each round of financing, and we are excited about the opportunities for the company, particularly in light of its ability to provide solutions that enhance security while also promoting healthcare and safety in the COVID-19 world.”
”As a trusted advisor, DLA Piper has provided strong counsel for us in prior entrepreneurial roles across a broad range of areas, so it was a natural fit to have them alongside us as we created Openpath,” said Alex Kazerani, co-founder and CEO of Openpath. “Our history together is an important part of the success for our previous companies. Working with their lead partner, Randy Socol, and team, has allowed us to focus on delivering touchless access with 100 percent confidence that their counsel ensures Openpath’s journey continues on a consistently bright trajectory.”
In addition to Socol, the DLA Piper deal team representing Openpath also included partner Richard Bull and associate Leon Johnson (all of San Diego).
DLA Piper’s Emerging Growth and Venture Capital practice includes more than 200 lawyers in the US who provide strategic counsel to emerging companies in high-growth industries, including biotech, manufacturing, communications, software and semiconductors. In 2019, the firm handled more than 697 venture capital financings totaling over US$10.3 billion. Over the last three years, DLA Piper has completed more than 2,100 financings totaling over US$31 billion.