OpenApp smart lock startup raises $1.3 Million funding from Unicorn India Ventures, KARSEMVEN

Key Highlights

OpenApp has raised $1.3 Million i.e. Rs.9.2 crore in its pre-series A funding round.

The fund is raised from Karnataka semiconductor Venture Capital fund (KARSEMVEN) and Unicorn India Ventures.

OpenApp has raised $2 Million funds till now from Axilor capital and Kumar Vembu co-founder of Zoho and Unicorn India Ventures.

Innovative startups are emerging in market and investors are in high interest to motivate young minds by releasing huge funds on their initiative. In the same chain recently Bangaluru based smart lock making startup, Open application also known as OpenApp has raised $1.3 Million i.e. Rs.9.2 crore in its pre-series A funding round. Startup got this great fund from Karnataka semiconductor Venture Capital fund (KARSEMVEN) and Unicorn India Ventures. KARSEMVEN fund is Karnataka government-backed VC fund.

OpenApp is a next-generation Remote Access Technology startup in Bangalore. It designs GSM – enabled smart lock and Bluetooth mainly for enterprises. This smart lock can be opened remotely using OpenApp’s mobile app and every time alert is sent when it is unlocked or in case of a threat. It comprises of products like a cash transit box that is secured with 3-part authentication and is bluetooth enabled.

Related : Dream 11 Indian first gaming company to enter into Unicorn club

Its existing investor includes Axilor capital and Kumar Vembu co-founder of Zoho has also participated in the series A funding round, by this OpenApp has raised $2 Million till date.

Bhaskar Majumdar, Managing Partner, Unicorn India Ventured, said, “Innovative startups like smart lock are needed by big industries who store physical objects. For past centuries and even now, such industries have been using the archaic method of safeguarding their assets. OpenApp Smart Lock has seen healthy traction and their product has a global appeal, which gave us the confidence to lead the funding round in the Company.”

Related : Bigbasket enters into unicorn club by raising $150 Million in a fresh funding round

Gotama Gowda, Co-Founder, and CEO, said, “The company is already a market leader in space with new funds we plan to widen our leads. OpenApp is working towards deploying 100k devices with more than half already fulfilled across Africa and Asia.” Further steps of a startup are a matter of concern for all. 

Stay tuned with us for latest updates!