San Francisco-based Proxy has announced it has raised $42 million in a Series B funding round led by Scale Venture Partners, and with participation from existing investors Kleiner Perkins and Y Combinator.
Proxy aims to use the financing to fuel a rapid expansion of its identity signal solution, while growing its international footprint across Asia, Europe and North America.
Proxy’s digital identity signal is emitted from the user’s smartphone. By downloading the Proxy app on either iOS or Android and registering their credentials, the user can then gain access to any Proxy-enabled space or device, depending on their determined clearance or authorization. A user’s digital ID is owned by them, and their data can never be sold or exploited by marketers, the company says.
“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.”
The company has recently been expanding, with new offices opening in New York, Chicago, Shanghai, Taipei and Sydney, and is actively hiring in a number of departments as it continues to try and keep pace with its rapidly growing customer base.
“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,” he added.
Proxy was recently named one of Fast Company’s Most Innovative Companies in the World for 2020, while also being recognized by Forbes magazine as one of its Next Billion-Dollar Startups.