Eric Trabold

STANLEY Security, a global provider of integrated security, health, and safety solutions announced its investment In Nexkey, Inc., an innovator in mobile-first, cloud-based access control solutions. This investment backed by STANLEY Ventures, the venture capital arm of Stanley Black & Decker is the start of a strategic partnership between the two companies.   “We are committed to building safer, healthier, and more efficient environments, to help the world progress," said STANLEY Security Global President Matthew Kushner. "Nexkey's innovative technology helps provide a seamless access control experience with the added value of data insights. When paired with the expertise from STANLEY Security, this solution will provide even more value to organizations as we all adapt to our evolving world." Affordable, integrated security solutions Nexkey's wireless access control platform allows businesses to manage access with a mobile app or web portal Nexkey launched in 2018 to provide businesses with an easier way to unlock and manage door access. The company's wireless access control platform enables smart entry to any door, which allows businesses to manage access with a mobile app or web portal, simplifying installation and delivering valuable spatial intelligence to help optimize operations.  STANLEY Security's investment in and partnership with Nexkey provides new opportunities for small- and medium-sized businesses to adopt affordable, integrated security solutions.   Versatile solution “Nexkey unlocks more value beyond what traditional access control can offer, as our solutions are so versatile and simple to install that we can deploy them on any door at a fraction of the cost of today’s  systems,” says Eric Trabold, CEO of Nexkey. “And with organizations increasingly turning to the cloud and mobile solutions, this partnership offers STANLEY Security’s customers a convenient solution for enhancing their access control, creating seamless on-site experiences, and providing intelligent insights throughout the entire building.” 

Since the advent of the physical security industry, access control has been synonymous with physical cards, whether 125 kHz ‘prox’ cards or the newer smart card alternatives. However, other credentials have also come on the scene, including biometrics and even smart phones. Some of these choices have distinct cost and security advantages over physical cards. We asked this week’s Expert Panel Roundtable: How soon will the access control card become extinct and why? 

Nexkey, a globally renowned innovator in the cloud and mobile-based access control industry, trusted by over 20,000 users, has announced the launch of Nexkey Solo, a battery-powered door strike. Traditional access control solutions that work with wired electric strikes require a door controller, reader, and access control panel to be connected with the strike to make the whole solution work. The result of needing up to four pieces of hardware drives up installation effort to hours and costs into the thousands of dollars. Nexkey Solo Nexkey Solo is an all-in-one device that connects to Nexkey’s cloud service through a user's mobile device and installs via a simple cutout in the doorframe, which a licensed locksmith or security integrator can do in a few minutes. “Any installer's team needs more time to find a parking spot and unload the truck than installing a Nexkey Solo,” said Joel Frazee of wholesale distributor Access Hardware Supply. Mobile access Nexkey Solo, as well as Nexkey’s Core and Controller, can be unlocked via a user's mobile phone or Apple Watch Nexkey Solo, as well as Nexkey’s Core and Controller, can be unlocked via a user's mobile phone or Apple Watch. The Nexkey Solo costs US$ 499 + US$ 9/door to access Nexkey’s cloud service. Installation ranges from US$ 120 - US$ 200, recommended to be done by a professional, keeping total cost per door at about one-third that of a traditional access control system. “I have never seen a customer go with another solution after seeing a quote for Nexkey”, said Matt Johnston, President of The Flying Locksmiths Orange County, adding “We had our best quarter ever and Nexkey was a big part of that.” Versatile, low cost access solution The versatility of the Nexkey Solo, its ease of installation and all-in low cost, opens up many more opportunities for dealers and end users than traditional access control. “Our market research has shown that 45% of businesses that currently don’t have access control would spend US$ 200 - US$ 1,000 per door and 36% are open to paying US$ 6 - US$ 10 per door per month. We’re right in that sweet spot,” stated Eric Trabold, Chief Executive Officer (CEO) of Nexkey. Easy to use, install Nexkey Solo allows any dealer, whether they have been in the business for 40 years or 40 minutes, to deploy an access control solution that is right in the sweet spot, in terms of what the customers are willing to pay for it. They now have the opportunity to capture a larger portion of the market and build up a recurring revenue stream. System Integrators focused on alarm and video can enter the access control space with little to no learning curve. Locksmiths that are interested in getting into access control can now get started without needing to have low voltage skills. Smart access control capabilities Nexkey has totally changed the way we manage access control" “Nexkey has totally changed the way we manage access control,” said Jake Pelk, Battalion Chief at Central County Fire Department, adding “After using it at one location for about a week, we knew that this is the right platform for all our stations and decided to expand quickly. The low cost made it an easy decision to roll it out to 6 more locations.” "A year ago, Nexkey transformed the access control industry by launching the first solution to bring smart access capabilities to any mechanical lock through the Nexkey Core, the world’s most versatile smart cylinder,” said Eric Trabold, CEO of Nexkey. He adds, "With the game-changing Nexkey Solo, we’re going a step further by totally disrupting the market for electronic door strikes, which up until now dominated the US$10 billion access control market. Through our extremely versatile and affordable hardware we’re opening access control up to the masses, not only a select few.”

Nexkey, an end-to-end provider of mobile access control solutions, has appointed technology veteran Amit Rele as VP of Product to lead product management and product marketing. The appointment, announced at Upfront Summit, follows Nexkey’s $6 million Series A funding round led last year by Upfront Ventures.  Nexkey access management  Before joining Nexkey, Rele worked across the spectrum of consumer and enterprise technology companies, from startups to Fortune 500 companies like AT&T and IBM. Most recently, he was Product Head of WiFi Systems and Smart Speakers at NETGEAR, the networking multinational, where he scaled the Orbi Mesh WiFi product category. His product lines won numerous awards from CNET, Forbes, and PC Magazine, and were named to Time Magazine’s prestigious 50 Most Innovative Products of 2018 list. At Nexkey, Rele will spearhead several major new product releases in 2020, underpinning the company’s expansion into new geographies and market sectors. The new offerings will build upon Nexkey’s game-changing access-control platform, a mobile solution that combines with cloud-connected, universally compatible hardware to turn any door smart, allowing companies to do away with physical keys and keycards. Cloud connectivity Since closing its funding round in October 2019, the company has also aggressively expanded its manufacturing, software, and sales teams as it seeks to transform the enterprise-grade access-control and smart building industry in 2020 and beyond. We're looking forward to working together towards a true keyless future" "From the first time that Amit and I met, it was clear that his mission of simplifying people's lives through technology aligned with Nexkey's vision," said Eric Trabold, Nexkey's CEO. "We're looking forward to working together towards a true keyless future and growing from a leading platform for SMBs towards Enterprise as a next step." Upfront Summit Both Rele and Trabold are attending the Upfront Summit to discuss Nexkey’s product roadmap and meet with investors. The annual event hosts more than 1,000 top investors, entrepreneurs, and leaders for an invitation-only event in Los Angeles. With two days of compelling content, conversation, and connection, Upfront Summit showcases the best of technology, innovation, and creativity, from established global brands to bleeding-edge disruptors. 

Nexkey, an end-to-end provider of mobile access control solutions, today announced that it has raised a $6 million Series A round led by Upfront Ventures. Manu Kumar’s K9 Ventures, Mark IV Capital and Anand Chandrasekaran, former Head of Platform for Messenger at Facebook also participated in the round. Secure, cloud-connected app Nexkey’s secure, cloud-connected app turns any smartphone into a digital key, allowing businesses to do away with cumbersome keycards, fobs, and metal keys. Administrators can use the Nexkey app to send smart keys, manage when and how users can access a given space, and remotely unlock doors for guests. The Nexkey Core is a smart cylinder that can transform any existing mechanical lock into a smart lock Nexkey also offers two unique hardware solutions that can turn any existing doorway into a fully functional smart door. The Nexkey Controller ties any electrified door, from commercial entrances to driveway gates, garage doors or elevators into the Nexkey ecosystem. The Nexkey Core, meanwhile, is a smart cylinder that can transform any existing mechanical lock into a smart lock in under two minutes. Recognises and selects matching smart keys “There are more than 300 million commercial doors in the United States and Nexkey is the only provider that is universally compatible,” said Aditi Maliwal, partner at Upfront Ventures and former Google product manager, who is joining Nexkey’s board as part of this investment. “Today's access control solutions don't align with the modern workforce’s needs for flexibility and convenience, it's time for change and Nexkey is uniquely positioned to drive that change.” Just six months after Nexkey’s launch, the company’s mobile access solutions are already revolutionising the way more than 8,500 active users deal with the daily headaches of fumbling for their keys: the Nexkey app automatically recognises and selects matching smart keys as individual users approach different doors. Users who do not have the Nexkey app can unlock doors via text messages with a unique code. Mobile keyless entry Nexkey has dramatically increased our efficiency by making access to our space totally frictionless" Nexkey’s offerings are proving especially useful for businesses such as coworking spaces, gyms, and real estate offices, which have a constant influx of new tenants, members, contractors, and other visitors. “Nexkey has dramatically increased our efficiency by making access to our space totally frictionless,” said Amir Mortazavi, CEO of Canopy, a San Francisco-based coworking spaces chain. “We took a close look at everything that’s on the market, and Nexkey came out on top. We got their solution installed throughout 32 private offices in under eight hours –– it was crazy fast.” Businesses can track how their smart keys are being used in real time via the Nexkey App or Web Portal, delivering actionable intelligence and streamlining staffing and customer-service logistics. Nexkey’s customers can also integrate Nexkey’s API with their own apps and devices to create truly integrated and customized access experiences for their employees and customers. “The $8 billion access control market is ripe for disruption and our Series A round will help us become the new standard of access,” says Eric Trabold, Nexkey’s CEO. “We make the installation process extremely easy, fast and affordable, so every business can take advantage of the numerous benefits that come with mobile keyless entry.”

Nexkey says its mission is to disrupt the access control market and ‘change the way people experience access to physical places’. The startup is embracing the latest buzzword for access control – frictionless – while also enabling electronic access control for doors currently protected by mechanical locks. The system is simple with only three components – a controller, an electronic replacement lock core, and a smart phone app. The ‘controller’, a combined reader and access control panel, is used to connect to existing electric strikes, mag locks, electronic push bars and other hardware components at the door. It also communicates via Bluetooth with a smart phone credential. Users approach a door, choose the door they want to open in the app, and wait for the app to say ‘unlocked’. Replacing Key Cards And Fobs With App Access rights are customized for each user, and doors can be unlocked remotely to allow a delivery guy or guest to enterThe electronic ‘core’ device can be switched out with existing mechanical lock cores to provide electronic access control in locks such as deadbolts, mortise locks, Euro-cylinders, levers and camlocks. It is compatible with 95 percent of mechanical locks, using a changeable tail piece to adapt to various configurations. The core communicates via Bluetooth with a smart phone credential that links to a cloud system. Users approaching a door open the app, tap the core, and wait for the app to say ‘unlocked’. A Nexkey goal is to ‘replace all keys, key cards and fobs with one app’. The Nexkey app recognizes which ‘key’ goes to which door and reveals the right key as you approach. ‘Keys’ are created and access rights are assigned from a smart phone, using email addresses and phone numbers to verify identity. Temporary codes can be texted for one-time entrance for cleaning crews or contractors. Access rights are customized for each user, and doors can be unlocked remotely to allow a delivery guy or guest to enter the building. The Nexkey Portal provides a snapshot of system operation, who enters which door at what time, and logs that can be reviewed and downloaded for audit reports. Affordable Access Control Systems For SMBs Nexkey is targeting the small- and medium-sized business (SMB) market, basically companies with 20 to 500 employees, which are looking for access control systems that are affordable and easier to manage. Nexkey is targeting the SMB market, which are looking for access control systems that are affordable and easier to manage Larger enterprises tend to want out-of-the-box integration with alarm systems and video, which Nexkey does not offer, so SMB is their “sweet spot,” says Eric Trabold, CEO. There is an API (application programming interface) that integrates with third-party applications. According to Nexkey’s customer surveys, 30 percent of customers say they bought Nexkey to have a simpler access control credential (a smart phone instead of a key, card or fob). Another 30 percent favor simplified management and quick access through the app. Some 17 percent like the ‘unified’ experience to manage shared, single and multiple workspaces using smartphone credentialing and a cloud-based system. Involving Security Dealers And Integrators Nexkey announced a ‘dealer program’ at the recent ISC West trade show in Las Vegas, and interest was highIn the early days, Nexkey looked to work directly with businesses to foster communication and to gain understanding of how the product can best be deployed. Having gained that insight, the ‘next level’ is to engage security dealers and systems integrators to install the system, says Trabold. Nexkey announced a ‘dealer program’ at the recent ISC West trade show in Las Vegas, and interest was high. Trabold says 134 integrators/dealers sought to engage. In coming weeks, the company will be finalizing that program, enhancing the dashboard to enable dealers to manage the system on behalf of their customers, for example. “We will be looking at how we can go from that amazing level of interest to being actively engaged with partners in the channel,” says Trabold. Using NPS To Measure Product Quality Nexkey uses the Net Promoter Score (NPS) as a benchmark for how well the product is accepted in the marketplace. NPS measures the quality of a product by analyzing how likely customers are to recommend it to a friend or colleague. As an example, Apple currently has an NPS of 65%. In comparison, Nexkey has achieved a score of 60 percent, and is looking to improve it even more. “A year from now, we want to get the same positive feedback from our dealer/integrator community,” says Trabold. “That’s the challenge, engaging with partners and scaling the business forward. We still have work to do.”