Smart lock systems manufacturer Open Appliances Pvt. Ltd on Wednesday said it had raised $550,000 from Axilor Ventures and Kumar Vembu, co-founder of software product company Zoho Corp..
The Bengaluru-based start-up plans to use the money to strengthen its products and enter new verticals. It also plans to file patents for close to half a dozen hardware designs.
Open Appliances provides Bluetooth-enabled smart lock systems to telecom and logistics companies. Its product ‘Force’ is a smart padlock that can be remotely unlocked via Bluetooth using a mobile app while Forge is a hardened industry-grade lock in-built with a WiFi hotspot for unlocking/locking using smartphones. Forge is mostly used to secure large cabinet boxes.
The locks send out alerts every time they are unlocked along with location, time and temperature among others. These details are recorded on a central web dashboard and on the mobile app.
Gotama Gowda, chief executive officer of Open Appliances, said in an interview that the company manufactures 8,000 smart locks every month. It has had sales of around $500,000 since the first product went into commercial production a year ago, he said.
The company estimates that the physical security equipment and services market is estimated to reach $197.07 billion by 2019. Out of this, Access Control as a Service -- the company’s target market -- will account for $6.06 billion, it says.
“We are excited about the volume of opportunity available in the physical security space in India. We have been able to bring in unimagined levels of operational efficiencies to our customers, directly saving millions of dollars lost each year. We have great validation and partners in Axilor and Mr. Vembu who come with decades of experience in building companies of scale. With this round of funding, we plan to solidify product market fit," said Gowda in a statement.