Proxy Raises $42M Series B Funding to Expand Identity Signal Solutions and Global Footprint
SAN FRANCISCO, March 16, 2020 (GLOBE NEWSWIRE) -- Proxy, provider of digital identities for the physical world, announced today that it has raised a $42M Series B funding round led by Scale Venture Partners with participation from existing investors Kleiner Perkins and Y Combinator and new investors Silicon Valley Bank and West Ventures. Proxy is already in use by 60+ companies and thousands of people across the globe, from the US and UK to Australia and Japan. The financing will fuel a rapid expansion of Proxy’s breakthrough technology set and catalyze international growth across Asia, Europe, and North America.
Proxy’s identity signal, emitted from a smartphone, gives people frictionless access to any space or device, similar to a universal single sign-on for the physical world. Headquartered in San Francisco, the company has already expanded its international operations with the recent opening of offices in New York, Chicago, Shanghai, Taipei and Sydney to serve its exploding customer base in those regions, with additional offices planned for Europe and Asia in 2020. The company is also hiring for its growing engineering, marketing, and customer success teams.
“You can’t have a conversation with Proxy’s founders and customers and not come away completely excited about the potential for this technology,” said Alex Niehenke, Partner at Scale Venture Partners. “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.”
“It’s fantastic to see the enthusiasm commercial real estate and enterprises have for creating new experiences with identity signals,” said Denis Mars, Co-Founder and CEO of Proxy. “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.”
Today, Proxy provides people with frictionless mobile accessthroughout secured buildings and gives users the ability to completely personalize their workplace experiences. Proxy is positioning to become the standard for physical world identity verification and service personalization across industries such as ride-sharing, commercial and public transportation, hospitality, and entertainment. People own their Proxy ID and unique identity signal, and their data can never be sold or exploited by marketers.
This funding comes on the heels of a year of breakneck expansion and industry accolades for Proxy. Last week, Fast Company recognized Proxy as one of the Most Innovative Companies in the World for 2020. Forbes magazine recently recognized Proxy as one of its Next Billion-Dollar Startups, an annual feature identifying the 25 venture-backed startups most likely to reach $1 billion in value. In addition, CNBC named Proxy one of its 100 most promising startups to watch.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4d10b07a-5f65-4774-ab0b-389612636755
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