Proxy, the San Francisco-based smart lock maker company has announced picking up $42 million in a fresh round of funding. The round has been dubbed as Series B and is been led by Scale Venture Partners with participation from existing investors Kleiner Perkins and Y Combinator along with a couple of new backers, Silicon Valley Bank and West Ventures. Before this round, the firm had raised $13.6 million as part of Series A round of funding from Kleiner Perkins. The current infusion takes the total amount raised by the firm to $58.8 million.
Denis Mars, the CEO of the company talking about the firm said, “It’s fantastic to see the enthusiasm commercial real estate and enterprises have for creating new experiences with identity signals. With this new round, we’re going to double down on transforming the workplace experience and begin expanding into new verticals. We’re turning Proxy into the de facto digital identification technology for the physical world and look forward to working with Scale and our other investors to do so.”
Alex Niehenke, a Partner at Scale Venture Partners commenting on the financing said that “You can’t have a conversation with Proxy’s founders and customers and not come away completely excited about the potential for this technology. There are so many applications - Proxy is already seeing great success in commercial real estate and has really just scratched the surface in terms of what can be done with identity signals.”
The firm already has more than 60 companies along with thousands of people across the countries that include the US and UK to Australia and Japan. It will be interesting to see how the current funding takes the companies to newer heights.
Image Courtesy : proxy