Security systems company myGate has raised Rs 16 crore in investment led by early on stage venture capital firm Prime Venture Partners. The Bengaluru-based startup myGate, which provides mobile based security management solution for private societies, plans to utilise the money to expand functions to seven towns in the nation and reinforce its technology system to have the ability to handle an increased level of inflow.
myGate is digitising security for gated areas by empowering the owners of the apartment to regulate access of site visitors into the society premises at the key gate itself. Describing the product myGate founder Vijay Arisetty said that the software allows various control methods beginning with delivery boys to domestic help and even for guests.
“An average 2000 apartment gated society gets around 3000 to 4000 visitors per day and our assumptions say that there are around 15 million villas and flats in the country with around 35 million residents,” said Arisetty. “We are targeting that space with our smartphone based product and with this new funding hope to reach 20 lakh households over the next two years,” he added.
The startup has a registration-based revenue model, under which the society management pays a monthly fees which depends upon the society’s population and the amount of gates that are to be managed.
Talking about the investment, Sanjay Swamy, Partner at Prime Venture Partners explained that the business has huge opportunity to size up all across the country as well as take the merchandise globally. It being a SaaS based model, it does not have any hardware limitations.
To have the ability to scale up businesses nationally, the startup may also be hiring ground personnel to help them in examining societies and their security requirements.
Founded in 2016 by Vijay Arisetty, Abhishek Kumar, Shreyans Daga, and Vivaik Bhardwaj, myGate solves security and visitor issues with a smart app-based solution in gated premises. The business ensures security and safety of gated premises by deploying BIAA (Behavioral Intellect Augmented Authentication) that is best suited for hassle free connection with residents and their service personnel/s.
myGate team provides end to get rid of on-floor support from onboarding, training of guards, and facility manager. The mobile app-based system offers a straightforward solution by digitising and frequently automating manual duties. The solution consists of an Android iphone app for security guards and an Android app or iOS iphone app for residents.