Nexkey

About Nexkey

Nexkey provides a cloud-based mobile access control platform for commercial spaces, enabling businesses to manage and control access to their premises using a smartphone application. Founded in 2013 by Peter Russo and Gary Hammer, the company aimed to replace traditional physical keys and key cards with a more flexible digital solution.

The company's core offering consists of hardware that can be retrofitted into existing locks and controllers for electronic strikes, all managed through a centralized cloud platform. This system allows administrators to grant or revoke access instantly, set time-based permissions for users, and unlock doors remotely. The platform also provides businesses with data and analytics on space utilization, occupancy, and foot traffic, turning access data into actionable business intelligence. Nexkey's business model included upfront hardware and installation costs, paired with a monthly subscription fee per door. It targeted small- to medium-sized businesses such as offices, gyms, coworking spaces, and retail stores that required a more affordable and simpler alternative to traditional access control systems.

After its initial launch, Nexkey secured a total of $10.8 million in funding over three rounds, including a $6 million Series A in 2019 led by Upfront Ventures and a strategic investment from Stanley Ventures in 2021. However, the company faced significant challenges and announced in August 2022 that it would cease operations after failing to secure a new funding round or find a buyer, citing difficult market conditions. Following this shutdown, a new leadership team composed of original Nexkey installers with extensive locksmith experience took over. The company was revived, focusing first on supporting existing clients and then relaunching with a strategy centered on combining deep mechanical lock expertise with user-friendly software. Today, the revitalized Nexkey is expanding its offerings, including new integrations, and continues its mission to provide seamless and secure access control.