KeyMe Raises $20M For Its Key Copying Service
KeyMe, a startup that could help ensure that you never get locked out again, has raised $20 million in Series B funding.
The company allows you to scan your key, either via mobile app or at an in-store kiosk, creating a digital copy. It can then ship you a key when you want a copy. or you can have a key printed instantly at a kiosk — pretty handy if you get locked out.
KeyMe doesn’t just copy regular house keys, but also car keys with transponder chips.
Founder and CEO Greg Marsh said his goal is “disrupting the locksmith industry” by creating a key duplication service that’s more convenient, more affordable and even more accurate.
Apparently one of the biggest areas for mistakes when humans copy keys is choosing the right blank key to start with. In contrast, KeyMe relies on artificial intelligence and neural networks to classify each key. As a result, Marsh said that while traditional locksmiths might have an error rate of 15 to 20 percent, while KeyMe’s error rate is in the “single digit percent.”
The new funding was led by Comcast Ventures, with participation from Battery Ventures, White Star Capital, 7-Ventures (the venture arm of 7-Eleven), Ravin Gandhi, Coinstar founder Jens Molbak, The Michael Polsky Family Office and others.
“We’ve spent a couple of years dialing in the technology, building partnerships … really getting a product that resonates with the consumer,” Marsh said. Next up: “Really scaling the business.”
For example, Marsh said the company currently has around 100 in-store kiosks, but the plan is to ship 1,000 new kiosks this year and 10,000 new kiosks in the next 36 months. Retail partners include Sears, Kmart, Bed Bath & Beyond, Rite Aid, Lowe’s, Albertsons and the aforementioned 7-Eleven.
Featured Image: keyme
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