Openscreen Raises $5M To Enable Enterprises To Leverage Smart QR Codes
Openscreen, the developer-centric API platform for dynamic, tracked, and secure QR Codes, today announced it has raised US$5M in a Series A funding. The round was led by CFFI Ventures and Columbus Capital with additional participation from Canadian family-office venture funds.
“QR Codes have so much untapped potential. The dramatic acceleration of this technology’s adoption curve, coupled with the seamless integration of mobile scan capabilities, sets the stage for high value enterprise applications. Our platform allows businesses to discover, configure and generate powerful QR Codes from their applications in minutes”, said Gemini Waghmare, founder & CEO.
Over the past 12 months, the development team has been building an industry-leading, developer-focused platform that can seamlessly integrate with enterprise applications with just a few lines of code. This financing coincides with the commercial launch of Openscreen.com in January 2022 and will provide funding to expand their offering into 5 key industry verticals: Retail, Travel, Healthcare, Real Estate, and Industrial as well as continued development of the Openscreen platform.
“We see smart QR Codes as a powerful, low-cost, Internet of Things enabler. The potential use cases for this technology are extraordinary and exciting. Implementing unique, trackable QR Codes across supply chain, asset management and customer engagement applications expands the IOT universe from billions of devices to literally trillions of things.” said John Risley, President of CFFI Ventures. Openscreen is founder Gemini Waghmare’s second technology venture. Previously, he founded UXP Systems, a leader in telecom & media Identity Management, that was acquired by Amdocs in 2018 for US$80M.
Openscreen’s industry leading technology already enables enterprises to generate “smart” QR Codes at scale with several charter clients already on-board. These codes, which can be used with industrial items, consumer goods, and in print and digital media, generate rich and insightful business data when scanned and can trigger digital workflows to automate business processes.