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Venture Capital News: KeyMe Raises $20M Series B

2016-01-15
NEW YORK, NY, Cloud-based locksmith that saves and duplicates nearly every type of key, today announced a $20 million Series B round of financing.
KeyMe, the cloud-based locksmith that saves and duplicates nearly every type of key, today announced a $20 million Series B round of financing led by Comcast Ventures with additional participation from Battery Ventures, White Star Capital, 7-Ventures, the venture arm of 7-Eleven, Ravin Gandhi, Coinstar founder Jens Molbak and The Michael Polsky Family Office, among others. The investment will enable KeyMe to launch its next generation of kiosks in new markets nationwide, expand its proprietary technology to support even more sophisticated automotive transponder keys, scale kiosk production and expand its executive team.

'KeyMe caught our interest right from the start'
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KeyMe is one of the largest key duplicators in the country with hundreds of thousands of users. Both the KeyMe app and the kiosk support the vast majority of home, office, mailbox, automotive and high security keys with the industry's highest accuracy rate. The company recently expanded its supported key types to include car and motorcycle keys with rolling transponders. These type of keys typically cost hundreds of dollars at dealerships.

In addition to printing keys on-the-spot at any KeyMe kiosk, users can use KeyMe's mobile app to scan their keys via their phone, securely store digital snapshots in the cloud and print at any kiosk or have keys securely shipped same day. Rather than manually tracing and cutting keys as traditional locksmiths do, KeyMe uses proprietary computer vision technology coupled with machine learning algorithms to identify the keys and advanced robotics to recreate each key from scratch, making each copy more accurate than the original.

'The locksmith industry is an enormous offline service which is characterized by poor quality of service, price gouging and consumer mistrust,' said Greg Marsh, Founder and CEO of KeyMe. 'We're delivering unparalleled convenience and value through advanced robotics to fundamentally transform the way millions of people make and manage their keys.'

'With close to one million keys made, KeyMe has already emerged as one of the largest key duplicators in the $7.5 billion locksmith market,' said Sam Landman, Managing Director at Comcast Ventures. 'This year, KeyMe will go from hundreds of thousands of users to millions and expand its retail footprint well over ten-fold. KeyMe's innovative solution to this universal need is clearly resonating, and we believe that this company is poised to become a leading force in its industry.'

'KeyMe caught our interest right from the start,' said Michael Brown, General Partner at Battery Ventures. 'This is a company that uses advanced computer vision, artificial intelligence and high-precision robotics to create perfect copies of nearly any type of key in less than 30 seconds - the potential for KeyMe to have a big impact on this industry is high. Between its mobile app and physical kiosk businesses, KeyMe is on track for significant growth this year.'

KeyMe also today announced a major expansion in its national retail footprint, including Sears®, Kmart®, Bed Bath & Beyond®, Rite Aid®, Lowe's®, Albertsons®, 7-Eleven® and several other big name retail brands. The company is on track to ship well over 1,000 kiosks to meet retailer demands this year and 10,000 new kiosks within the next 36 months.

About KeyMe

KeyMe is a secure and convenient way to copy, share and personalize keys and solve frustrating lockouts. The company has smart kiosks in major retailers that can copy keys in under 30 seconds, as well as mobile applications that enable customers to safely scan, save and share a digital copy of their key and order copies shipped to their door. KeyMe was founded in 2012 by Greg Marsh, and is funded by Comcast Ventures, Battery Ventures, White Star Capital, 7-Ventures, Ravin Gandhi, Jens Molbak and The Michael Polsky Family Office, among others. For more information, please visit www.key.me.
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