Flexible Workspaces and Smartphone-Based Authentication
With the rise of flexible workspaces, companies are increasingly adopting smartphone-based authentication to allow employees to enter and leave office buildings. A recent poll revealed that nearly two in five firms have started using their staff’s phones to access office spaces.
Benefits for Vendors Like SwiftConnect
This shift has benefited vendors like SwiftConnect, which offers a platform for managing access to physical offices. Chip Kruger and Matt Kopel founded the company in 2020 after selling their previous business, Waltz, to WeWork in 2019.
Kopel stated that he had the idea for SwiftConnect while working at WeWork following the Waltz acquisition. He believed that the on-demand, mobile-centric access control WeWork wanted would become the standard for many offices going forward.
SwiftConnect’s Platform
SwiftConnect’s platform abstracts away access management for office spaces. Employees can add their employee badge to Apple Wallet or Google Wallet on their smartphones using the service. Once added, the digital badge grants them access to enter their building and/or shared amenity spaces secured by NFC door locks.
From a dashboard, administrators can issue credentials so that employees can only enter approved rooms.
Competitors in the Market
SwiftConnect isn’t the first company to market with a mobile-centric access control management platform. Openpath, Kisi, and Verkada are among others offering software to replace physical access cards with personal devices.
However, Kruger asserts that SwiftConnect is one of the few companies that doesn’t require businesses to install new reader hardware. This has helped it win clients like Silverstein Properties, which owns 7 World Trade Center in New York City, according to Kruger.
SwiftConnect’s Growth and Funding
Last year, SwiftConnect claimed its system was live in over 100 million square feet of office space. The company said that it didn’t anticipate needing to raise additional capital ‘unless strategic opportunities presented themselves.’
It appears those strategic opportunities presented themselves. SwiftConnect raised $37 million in a Series B round led by Quadri Ventures this month, with participation from HID, Egis Capital Partners, Klingenstein Fields Advisors, Crow Holdings, JLL Spark, Navitas Capital, and Spring Rock Capital.
To address potential headwinds, Kruger stated that the company decided to raise more than enough funding to weather any upcoming economic storms. The new capital brings SwiftConnect’s total capital raised to $74 million.
The funds will be used for growing the company’s 135-person team and expanding into new geographies. SwiftConnect currently has offices in Montreal and Stamford.
Strategic Acquisitions
In addition, strategic acquisitions are on the table. Last year, SwiftConnect acquired Detrios, an access control firm. Kruger stated that this acquisition is enabling self-service, unfettered access to parking garages, buildings, turnstiles, office suites, and amenity spaces for tenants across their portfolio of properties.
Potential Headwinds
While SwiftConnect is growing at a healthy pace, it faces potential headwinds. Mobile-centric access control systems can leave workers in a lurch if their smartphones shut down. And there are also concerns about security risks associated with using personal devices to access workspaces.
Security Risks and Workarounds
To mitigate these risks, companies like SwiftConnect can implement robust security measures, such as multi-factor authentication and encryption. Additionally, they can provide guidelines for employees on secure use of their personal devices in the workplace.
Conclusion
The shift towards flexible workspaces has created opportunities for vendors like SwiftConnect to offer innovative solutions for access control and management. However, it also poses challenges that require careful consideration of security risks and potential headwinds. By understanding these trade-offs, businesses can make informed decisions about adopting mobile-centric authentication platforms.
Future Directions
As the landscape continues to evolve, we can expect to see more companies embracing flexible workspaces and exploring innovative solutions for access control and management. With careful planning and implementation, these technologies have the potential to enhance productivity and employee satisfaction while minimizing security risks.
Recommendations for Businesses
Businesses considering adopting mobile-centric authentication platforms should:
- Conduct thorough risk assessments
- Implement robust security measures
- Provide guidelines for employees on secure use of personal devices
- Continuously monitor and evaluate the effectiveness of their access control systems
By taking a proactive approach to managing these risks, businesses can unlock the full potential of flexible workspaces while maintaining a secure and productive work environment.
Sources
The information in this article is based on publicly available sources, including news articles and company press releases. For more detailed information or specific requirements for your business, it’s recommended that you consult with industry experts or conduct further research.
Related Articles
- Flexible Workspaces: Trends and Benefits
- Security Risks in Mobile-Based Authentication
- Access Control Systems for Businesses
By staying informed about the latest developments and trends, businesses can make informed decisions and adapt to changing circumstances.
