The recent investment by iLobby will allow the company to scale its product offering across 45 countries. As the recovery continues, businesses must know who is entering their facilities and assess the risk they pose to their workforce. The AI platform can help them with this task.
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Insight Venture Partners (IVP) is an experienced venture capital firm. The firm has invested in numerous startups, including Alibaba, Tumblr, Zenefits, Tricentis, and Hootsuite. Most recently, it participated in a $75 million funding round for Darktrace.
Insight Venture Partners is one of the top software investment firms, and has invested in more than 300 companies. Its portfolio includes companies from Alibaba to Twitter, including Cylance, and has three IPOs in the last three months. Founded in 1995, the firm has raised more than $6 billion in funds and has 36 managing directors. Its current total assets under management is $90 billion.
Insight Partners has been a key investor in Veeam, a cloud-based backup and disaster-recovery service. The firm has also invested in Rubrik, a competitor to Veeam. Insight Partners has also acquired Armis and Recorded Future. Its portfolio continues to grow as more companies turn to cloud-based infrastructure.
With the influx of VC funding, iLobby is well-positioned to push into the highly regulated markets in which its platform has been used by airports, banks and government facilities. With the investment, the company plans to expand its product offering into 45 countries.
The investment will help the startup scale its operations and meet the increasing demand for enterprise visitor management software. The company’s technology enables businesses to manage the flow of visitors through the use of self-sign-in kiosks, facial recognition systems, and ID scanning. The software can also help businesses manage workplace capacity and enforce anti-discrimination policies.
In addition to being an asset for business owners, iLobby also offers operational efficiencies for front-of-house staff. The company’s iLobby Portal allows managers to see real-time data on traffic within a building. They can also see 30-day trends and receive daily or monthly reports. Additionally, the iLobby portal streamlines safety hours reporting and contractor invoicing.
Founded out of Toronto, Canada in 2013, iLobby offers a number of automated tools, including mail managment, which uses computer vision to streamline incoming and outgoing letters and packages. For example, front of house or mailroom staff can snap a photo of the label on each piece of mail using the iLobby app, which automatically matches that photo to the intended recipient and sends an alert. However, the company’s core focus is in the visitor management realm, as it allows companies to track and manage everyone who enters and leaves a facility, from employees to contractors, couriers, and guests. The company’s clients include Boeing, FedEx, Hershey, Pepsi, Nikon, Pearson International Airport, Scotia Bank, and LG.
With a fresh $100 million in the bank — the first external investment in its seven-year history — iLobby is well-financed to continue pushing its platform into “highly regulated” facilities spanning multinational corporations, airports, government premises, banks, and more.
CEO Ariel Mashiyev told VentureBeat the investment would be used to “scale and expand [iLobby’s] services to meet rising demand for enterprise visitor management software.” Mashiyev said the company witnessed increased demand for this technology during the pandemic. Indeed, building owners and operators may now need greater insights into who is occupying a facility at any given time, and how many people are sharing the space. These are the kinds of insights iLobby enables through tools such as self sign-in kiosks, ID scanning, and facial recognition systems. The platform can be used to monitor and manage the number of people in a workplace and help enforce capacity policies around social distancing. And because iLobby tracks everyone who enters and leaves a facility, it can also serve to automate contact tracing and reporting if any COVID-19 cases are detected.
iLobby also connects with myriad business tools, including Slack and Salesforce, as well as user directory software, email, calendar, and cloud services.
But iLobby’s primary purpose is to replace archaic systems that may involve signing paper logs at receptions and showing ID cards to security personnel, among other processes that can slow people down as they enter a building. Therefore, this technology will continue to hold value long after the current global health crisis has eased.
In addition to operational efficiencies it offers front of house staff, iLobby also provides analytics and insights into the flow of traffic throughout a building. For instance, the iLobby Portal can show real-time data on everyone who is signed in at the moment, as well as 30-day trends and daily or monthly reports that are sent automatically to key security and management personnel. “This significantly simplifies activities such as end-of-month safety hours reporting, contractor invoicing reports, and more,” Mashiyev said.
There are numerous players in the visitor management space, from giant such as honeywell to startups like proxyclick. That iLobby has raised such a substantial round of funding at this juncture suggests investors are confident brick-and-mortar facilities will be around for a while.
“Many offices will embrace a hybrid in-person/remote model, and some enterprises — like factories, airports, and government offices — rely on in-person operations,” Mashiyev said. “To this end, iLobby provides the software its customers need to safely and efficiently identify visitors and employees in a post-COVID world to mitigate risk and ensure safety.”
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Enterprise-focused visitor management software provider ilobby has raised $100 million in a round of funding from Insight Partners.
Despite the rapid push to embrace remote working in 2020, many — if not most — businesses will likely return to physical office spaces in some capacity once it’s safe to do so. And, of course, some businesses are not well-suited to fully remote work.