# Oloid Financial Model

Cloud-based physical access control SaaS that retrofits existing door hardware with a software overlay, replacing legacy badge readers with mobile/facial authentication.

- Canonical: https://finamodel.com/startups/oloid
- Excel download: https://finamodel.com/startup-models/oloid.xlsx
- Category: Hardware/Deep-tech
- Model type: SaaS ARR / Valuation
- Funding round: Series A
- Funding: $20M
- Founded: 2022
- Geography: US, Canada, LatAm, Europe & ROW (excl. China) [DECK, slide 18]; HQ implied Sunnyvale, CA [DECK, slide 1]
- Customer: B2B

## About the company

Oloid is cloud physical-access-control SaaS that retrofits existing doors with mobile and facial authentication. It replaces legacy badge-reader workflows with a software overlay, allowing organisations to modernise access without wholly replacing installed physical-security infrastructure.

The enterprise model is driven by sites, doors, and identities rather than conventional user seats alone. Customers must integrate hardware and enrol users, then can expand across facilities as the software proves reliable, secure, and easier to operate than legacy credential workflows.

Model enterprise customers, sites, doors, identities, subscription ARPU, installation, hardware integration, expansion, renewals, and churn. Include solution engineering, partner hardware, cloud delivery, security, support, and sales costs. Rollout pace, doors per site, pricing, installation margin, expansion, and retention should drive scenarios.

## What's included

- 5-year monthly revenue build with stage-appropriate growth assumptions
- Full P&L, headcount plan, and operating-expense schedule
- Cash-flow statement, runway, and burn-rate tracking
- Valuation via exit multiple with a DCF cross-check
- Returns analysis with MOIC and IRR
- Unit economics including CAC, LTV, payback, and cohort retention

## Product & value proposition

- Software overlay that moves PACS intelligence from on-premise closet hardware to the cloud and mobile edge
- Multimodal authentication: BLE, facial recognition, QR, NFC - runs on off-the-shelf tablets/smartphones
- No rip-and-replace: integrates with existing PACS readers and closet hardware
- Self-installable in under 1 hour via app store download
- Cost per door upgrade: <$100 with Oloid vs. $1,500–2,000 for competitors (hardware + installation)
- Use cases beyond access control: time & attendance, desk reservation, safety/wellness, vaccination management, space analytics, occupancy/density, tailgating detection, video intercom
- Data analytics layer: space utilization, operational data, anomaly detection, compliance analytics, credential management
- Positioning: "SSO for physical identity" - analogous to Okta for cyber identity

## Market

- Global TAM for PACS: $70B (US, Canada, LatAm, Europe & ROW excl. China)
- Access Control SaaS: $42B
- SAM - Access Control SaaS for Commercial Real Estate: $21B / 158M doors
- Near-term beachhead (wired commercial enterprise doors): $8.4B
- ICP initial target (Current GTM, Enterprise): $1B / 1M doors
- Source cited: Group 337 research
- Market tailwind: global fingerprint biometric revenues fell 22% ($1.8B) in 2020 due to COVID; total biometrics market forecast ~$40B by 2025 (ABI Research)

## Revenue model

- Model implied: SaaS subscription per door/endpoint
- Pricing unit is per door
- Channels:
  - Current (pre-Series A): Direct sales to large employers; remote/assisted installs; channel partners (leveraging partner customer relationships); technology partnerships (integrations with workplace apps)
  - New post-Series A: Self sign-up + self-installation; inbound marketing + automated funnel conversion
  - SDK in development for embedding into tenant management apps (landlord/investor/real estate managed buildings)
- ICP: Occupier-managed buildings; mixed workforce (desk + deskless workers); looking for retrofit option

## Unit economics

- Cost per door upgrade (hardware + installation, one-time): <$100 with Oloid vs. $1,500–2,000 competitors
- Self-installation time: <1 hour

## Competition / moat

Competitors named (slide 9): Alcatraz, Proxy, Verkada, Openpath, Kisi, Brivo - all require rip-and-replace of door readers

Moat claims:
- Only self-installable enterprise PACS solution (no reader replacement needed)
- Patented BLE-based identification protocols; BLE SDK with 4M downloads (CTO background)
- AI/ML + computer vision + BLE/NFC/camera hardware-software IP - "hard-to-replicate"
- Software overlay approach: integrates with existing PACS vs. replacing it
- Integration ecosystem: Workday, ADP, Kronos, Okta, Active Directory, ServiceNow, Envoy, Genetec, Honeywell, Johnson Controls, HID, Lenel, and others

## Team & funding ask / use of funds

Team:
- Mohit Garg, Co-founder & CEO: 2x SaaS founder; previously co-founder & CRO at Mindtickle (valued at $1.2B, raised $280M); grew Mindtickle ARR 1,000%+ in 3 years; early product roles at Aruba Networks, Iospan Wireless; Stanford / ISB / Kellogg
- Madhu Madhusudhanan, Co-founder & CTO: Identity management at IBM; voice-AI authentication at IBM Watson; creator of patented BLE identification protocols; BLE SDK with 4M downloads; innovation awards - HTNEXT, Phocuswright, Next Big Thing; Leavey School of Business

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## Recommended financial model

- **Archetype + why:** SaaS ARR model with a door-unit (endpoint) driver. Revenue is subscription-based, priced per door/endpoint per period. The natural KPI pyramid is: doors under management → ARR per door → gross/net revenue retention → ARR. This is structurally identical to a seat-based SaaS model but the unit is a door rather than a user.

- **Forecast horizon & granularity:** 5 years (Year 1–5), monthly for Year 1–2 (to capture ramp and cash burn), annual thereafter. Series A context warrants a monthly cash view in Year 1.

- **Key drivers & assumptions:**

| Driver | Value | Source |
| -- | -- | -- |
| Initial addressable doors (ICP beachhead) | 1M doors | - |
| Cost per door upgrade to customer (Oloid) | <$100 one-time | - |
| Competitor cost per door (for value prop framing) | $1,500–2,000 | - |
| ACV per door per year (subscription) | ~$120–$240/door/year (~$10–$20/door/month); common PACS SaaS range; no deck data |
| Blended door adds per quarter, Year 1 | 500–2,000 doors/quarter; early-stage enterprise ramp |
| Door adds growth rate (QoQ) | 20–40% QoQ as self-install channel activates post-Series A |
| Gross margin | 70–80%; pure SaaS with minimal hardware COGS |
| Net revenue retention (NRR) | 110–120%; expansion via additional use cases per site (analytics, attendance, wellness modules) |
| Sales cycle (enterprise) | 3–6 months for direct/channel; <1 week for self-serve |
| Churn (gross) | 5–10% annual; enterprise physical access tends to be sticky |
| Headcount ramp (S&M, R&D, G&A) | Aggressive post-Series A; no specific plan disclosed |
| CAC (blended) | $500–$2,000 per door for direct/channel; significantly lower for self-serve inbound |

- **Scenarios (Base / Bull / Bear - which variables flex):**
  - **Bear:** Self-install GTM takes longer to convert; door adds remain enterprise-direct at 500/quarter; ACV at low end ($120/door/year); NRR 105%
  - **Base:** Self-install begins contributing in Year 2; blended door adds accelerate to ~3,000–5,000/quarter by Year 3; ACV $180/door/year; NRR 115%
  - **Bull:** Self-install scales rapidly post-Series A; channel/SDK partnerships multiply door reach; ACV with upsell modules reaches $240/door/year; NRR 125%; inbound CAC collapses

- **Required sheets / outputs:**
  1. Assumptions tab (all drivers, clearly tagged)
  2. Door cohort model (quarterly cohort adds, churn, cumulative doors under management)
  3. ARR bridge (new ARR, expansion ARR, churned ARR, net new ARR)
  4. P&L (Revenue, COGS, Gross Profit, S&M, R&D, G&A, EBITDA, Net Income)
  5. Cash flow & runway (especially important for Series A burn management)
  6. Headcount plan (by department)
  7. GTM channel mix (direct vs. self-serve vs. channel - track separately as unit economics differ)
  8. Sensitivity table (ACV × door growth rate vs. ARR at Year 3/5)
  9. Summary KPI dashboard (ARR, doors, ACV, gross margin, NRR, runway)

## Frequently asked questions

### Is the Oloid financial model free?

Yes. The Oloid model is a free Excel download with live formulas.

### Can I change the assumptions?

Yes. The workbook is editable and its live formulas recalculate when assumptions change.