Parakey

Parakey AB operates as a provider of a connected access control platform, offering a comprehensive solution for mobile key management. Founded in Gothenburg, Sweden, in 2014 by Jonas Arvidsson, Marcus Andersson, Erik Barrefors, and Eric Franklin, the company emerged from the founders' shared background in Systems, Control, and Mechatronics at Chalmers University of Technology and their experience in the automotive industry. Their journey began at a startup camp where they pivoted from a different idea to focus on creating a scalable, mobile-first access system, driven by the realization that traditional systems were impractical and complex.

The company's business model is centered on a subscription service for its cloud-based platform, supplemented by the sale of proprietary hardware. This platform enables property owners and businesses to manage digital keys remotely, granting or revoking access in seconds. Parakey serves a diverse client base, including commercial properties, office hotels, real estate companies, and residential buildings. Notable clients include Wallenstam, Stena Fastigheter, Klövern, and Fabege. By digitizing key management, clients can achieve significant time and cost savings.

Parakey's product ecosystem consists of a cloud service, a mobile application, and a suite of hardware devices. The core of the service is the Parakey Cloud Service, a web portal for administrating mobile keys. A key feature is that the system works offline; unlocking is done via an encrypted Bluetooth signal from the Parakey App to the hardware, meaning an internet connection is not required at the point of entry. The hardware portfolio includes the Parakey Slim, a small access control unit; the Parakey Control Unit for long-range applications; the Parakey Professional Digital Lock (PDL) for various door types; and the newer Parakey Door Handle and Cylinder. The system can either replace existing access control systems or be integrated to enrich them with mobile access capabilities. To facilitate automation, Parakey offers extensive integration possibilities through its API, SDK, and a connection to Zapier, which links to over 2,500 other services.

Significant milestones for the company include securing its first funding rounds in 2015 and 2016, and later raising €880k in 2018 and SEK 28 million in a 2022 funding round. By January 2024, the platform had reached 400,000 unique users and a total of 40 million unlocks. The company has steadily expanded its product line, launching the Parakey PDL to enter the residential market, and later introducing the Parakey Cylinder and Door Handle to further digitize various lock types. Parakey has also expanded its market presence, entering Norway in 2022 with plans for further international growth.

Keywords: mobile access control, digital key management, proptech, smart locks, cloud-based security, access automation, keyless entry systems, property management software, mobile credentials, building access, smart office solutions, residential access control, hardware integration, API access control, real estate technology, facility management, secure access, Bluetooth unlocking, offline access, Gothenburg startup