KeyMe Raises $7.8M Million to Expand Its Key-Duplication Platform.
The startup that’s sending ripples through the locksmith industry, KeyMe, has recently announced that it has manage to raise over $7.8 million in Series A funding from a group of new and existing investors, which include White Star Capital, Battery Ventures, 7-Ventures LLC, and early investors from Ravin Gandhi.
“This round is a reflection of the tremendous customer reception for our mobile and kiosk platforms since we launched in mid-2013,” said Greg Marsh, KeyMe founder and CEO. “We have a very clear path to fundamentally change the way millions of people copy keys and solve lockouts by delivering convenience and value into a space which is characterized by consumer mistrust.”
With KeyMe’s patented technology, customers can scan keys with their smartphone devices and receive a perfect duplicates in the mail, become the first ever e-commerce solution for the $5 billion per year locksmith industry. When someone is locked out from their home, keys will be able to be printed from KeyMe’s network of retail kiosks located within 7-Eleven, Bed Bath & Beyond, and RiteAid stores. The KeyMe application will also allow users to 3D print keys and display the instruction for making a key from scratch at the local locksmith.
Ever since launching its mobile application and kiosks during the mid-2013, KeyMe has made over tens of thousands of keys and solved over thousand of lockouts, saving their customers from hundreds of thousands of cash in emergency lockout fees.
“Over the past 9 months, we’ve seen KeyMe kiosks deliver an outstanding in-store service which customers have responded enthusiastically to,” said Raja Doddala, VP of Portfolio Management at 7-Ventures, LLC. “By becoming an investor, 7-Eleven will learn more about effectively engaging customers with innovative, automated retail solutions.”
KeyMe ensures maximum safety and security, utilizing advance levels of encryption, password protection,email alerts for all account activity, and sever other measures put into place. KeyMe does not store any address information, except temporarily while fulfilling mail orders, which will then delete the address permanently once the shipping has be done.