SwiftConnect, which lets employees use their phones to get into the office, raises $17 million • TechCrunch
The widespread adoption of flexible working has increased the challenge of managing access to physical and commercial buildings, due to the dynamic nature of mixed work spaces. With employees coming today and going to the office on unexpected schedules, it can be difficult to keep track of which of them has access to rooms and office resources.
at recent days exploratory study Conducted by HID Global, an independent brand of access control group Assa Abloy, 41% of companies said they believe their current system meets requirements – down from 51% in 2021. HID Global, being a vendor, is not necessarily neutral. But it is not inconceivable that there is a fact that access control has become more difficult than it used to be.
Chip Krueger certainly thinks so. Obstacles in access control prompted him to find him Swift ConnectA platform for handling venue reservations, visitors and meetings in physical offices. Krueger previously partnered with Matt Koppel, the other co-founder of SwiftConnect, to get started Waltzan access control company launched in Kopel’s bedroom that WeWork acquired in mid-2019.
Kopel worked briefly at WeWork, but left to found SwiftConnect in 2020. “We had the idea that the flexibility and on-demand nature of access control that WeWork wanted would now be a requirement for every owner and occupier of their own buildings. Offices are moving forward due to changing business patterns, including That growing number of people working on-site and remotely.” “SwiftConnect has also benefited from the fact that administrators have also been seeking to use physical space and real estate more efficiently.”
SwiftConnect — which closed today with a $17 million Series A round co-led by JLL Spark Global Ventures and Navitas Capital — sells access to cloud services that connect existing credential providers, reader terminals, and other business systems. The company provides tools to automate identity, credential and authorization steps for office spaces through mobile devices, for example a dashboard that allows administrators to issue credentials to access certain premises for iOS devices via Apple Wallet.
With SwiftConnect, employees and tenants can add their employee badge to Apple Wallet on their iPhone or Apple Watch after the initial setup process. Once added, the badge gives them access to their office building, office space, and shared fitness and rest spaces secured with NFC-enabled locks.
“As hybrid and flexible workflows have made seamless access control implementation more challenging than ever, commercial building owners and operators are increasingly seeing it as an opportunity and a pain point they are trying to solve,” Krueger said. “On-demand and first-connected mobile access control is a requirement for most organizations that want their own access control system to enable a more dynamic space where access permissions and credentials must change based on space reservation or other context.”
SwiftConnect is not the first to market with a mobile-centric access control management platform. Open Bath, which has raised tens of millions of dollars in project funding, offers a solution that allows workers to replace their physical access cards with phones they already own. But Krueger stresses that, unlike Openpath, SwiftConnect does not require any new reader hardware to be installed.
But what about when your iPhone dies? Well, Kroger does not have a perfect solution to this problem. He notes, though, that the Apple Wallet on the Apple Watch works even when the extremely battery-saving Power Reserve mode is active. For the very common faulty phone scenario, Apple suggests Find My.
“For office space users, the SwiftConnect platform means they can enjoy returning to the office with a ‘skip waiting’ experience that takes them from street to seat efficiently and without having to worry about a plastic badge again,” Krueger said.
The plug-and-play nature of SwiftConnect’s approach appears to appeal to big real estate clients like Silverstein Properties, which it installed in its Seventh World Trade Center office building in February. SwiftConnect recently announced its collaboration with Microsoft to develop “intuitive employee-centric” experiences as well as Microsoft أماكن placesa Microsoft application for managing office workers across a mixed work campus.
This is definitely music to the ears of SwiftConnect investors. as For Fortune Business Insights, the global access control market was valued at $10.31 billion in 2019 and could reach $20.02 billion by 2027.
Krueger said Series A, which SwiftConnect plans to put in place in order to grow its professional services and engineering teams as well as expand its presence across the UK, Europe and Australia, has been raised “to counter any potential economic headwinds”. This brings the total cash flow of the startup in the bank to $27 million.
“We have a fit-to-market product due to our strength of traction, our reach, our happy customers, and our growth,” Krueger said, while declining to answer questions about revenue or number of customers. “We are receiving a lot of interest in entrants from other sectors and geographies, including financial services and technology companies that are occupying spaces in prime locations in Europe and Australia.”
A mix of real estate and institutional investors including Nuveen, Cushman & Wakefield, Bridge Investment Group, Crow Holdings, World Trade Ventures, 1414 Ventures and JAMFThe Apple device management vendor also participated in SwiftConnect’s recent equity financing round. SwiftConnect currently has 70 employees, and is expected to reach 80 by the end of 2022 – a hiring wave fueled largely by revenue.
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