Mobile-based security management solution for gated premises myGate on Thursday announced that it has raised Rs.16 crore in its first round of funding, led by Prime Venture Partners.
The company will use the funds to invest in technology and scale to two million homes across the top seven cities within the next two years.
The security services market in India is a USD six billion industry according to Grant Thornton report, of which the gated-premise security market, comprising of manual guards and security equipments, is estimated at USD two billion.
In the top seven cities in India, myGate estimates show that there are more than 100,000 gated communities with 35 million residents.
The company is focussed on tapping into this unaddressed market and redefining security at the gates.
"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," said CEO and co-founder, myGate, Vijay Arisetty.
More From This Section
"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," he added.
"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," said managing partner Prime Venture Partners, Sanjay Swamy.
Security at gated communities has long followed conventional "man-guarding", paper and pen system. The process is inefficient and error prone, making the life of security guards difficult.
In addition, authentication of residents, visitors, and support staff is a huge challenge.
Despite significant investments in physical infrastructure like access cards, boom barriers, biometrics, landline intercom, and others, residential premises are unable to keep track of domestic helps, visitors, delivery trucks, taxicabs and other vehicle movements.
In addition, authentication of residents, visitors, and support staff is a huge challenge.
myGate is a mobile-app-based system and offers a simple yet comprehensive solution by digitizing 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.
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.
Since its launch in Bengaluru in 2016, myGate has validated 24 million visits through their mobile app across 100,000 homes.