myGate Will Use The Funding To Digitise Security Across Top Seven Cities
Mobile-based security management solution for gated premises myGate has raised about $2.5 Mn ( INR 16 Cr) in its first round of funding, led by Prime Venture Partners. The company will use the funds to invest in technology and scale to 2 Mn homes across the country’s top seven cities within the next two years.
Vijay Arisetty, CEO and Co-founder, myGate stated, “Security for gated-premises is a multi-billion market that is fundamentally underserved by often obsolete legacy providers and solutions. myGate provides an outstanding experience for people living in gated communities, allowing them to keep track of their visitors and all the relevant developments in the community with the help of an app. In Prime, we found a hands-on investment partner with a long-term vision and practical execution expertise; we are excited to have them join us as our extended team.”
Since its launch in Bengaluru in 2016, myGate claims to have validated 24 Mn visits through their mobile app across 100K homes. It also claims that amongst gated communities, 5000 guards are already using myGate in Bengaluru.
A Quick Look At myGate
Founded in 2016 by Vijay Arisetty, Abhishek Kumar, Shreyans Daga, and Vivaik Bhardwaj, myGate solves security and visitor problems with an intelligent app-based solution in gated premises. The company ensures safety and security of gated premises by deploying BIAA (Behavioral Intelligence Augmented Authentication) that is designed for hassle free experience of residents and their service staff.
The myGate team provides end to end on ground support from onboarding, training of guards, and facility manager. The mobile app-based system offers a simple solution by digitising and often automating manual tasks. The solution comprises of an Android app for security guards and an Android or iOS app for residents, with a fallback to a regular voice call for non-smartphone users. With this system all visitor entries and exits are logged digitally, with complete visibility and control of the resident.
In addition, myGate also offers several advanced capabilities such as e-intercom (automatic visitor authentication), kids safety alerts, staff attendance, infrastructure-free vehicle management, touchless resident identification, clubhouse access management, management reporting, and visitor overstay alerts. The startup follows a pay-as-you-go (SaaS) commercial model.
Sanjay Swamy, Managing Partner, Prime Venture Partners stated, “ I’m delighted to welcome MyGate to the Prime portfolio and feel privileged to be part of this journey. We first experienced MyGate as consumers and loved the product experience; when we met the team, we were very excited by their incredible vision to transform the physical security experience as well as their focus and relentless pursuit of excellence. MyGate is addressing a huge market opportunity and is already the undisputed leader in this space – this funding will help them further expand their thought-leadership and market-leadership!”
As per a Grant Thornton report, the security services market in India is a $6 Bn industry of which the gated-premise security market, comprising of manual guards and security equipments, is estimated at $2 Bn. By tapping into the market in the top seven cities, with more than 35 Mn residents in 100K gated communities as per myGate, the startup will look to provide its security management solution at scale.
