KeyMe, a New York-based start-up, received another $50 million dollars in financing from Blackrock, bringing its ‘funding till-date’ grand total to $150 million. Earlier, the company received $25 million in September 2017, which followed the $20 million it received three years ago.
For people who don’t know about KeyMe’s services, it offers locksmith and key duplication service kiosks in almost all U.S. states by partnering with popular retailers. KeyMe’s unique technology can copy most keys available in the market in under 30 seconds — the support now extends to over 85% automobile keys. KeyMe’s Cloud-based application for key duplication on iOS and Android helps the user in the easy copy, share and save of keys.
Greg Marsh, CEO, KeyMe, said, “Our team is focused on providing unrivaled customer experience in this $12 billion a year industry. This new round of investment from BlackRock will allow us to further accelerate our product roadmap and increase our national reach as we bring our service to tens of millions of consumers and businesses.”
How this works is that customers insert their key at the kiosk and allow the machine to record their fingerprint. Post that, KeyMe’s Computer Vision and Machine Learning software get to work. End result — a 3D image of the key’s teeth assisting in making a duplicate (key) which is shipped to customers in a maximum of five working days.
The best part? Cost! The whole process costs 70% lesser as compared to professional charges — the ordeal costing anything between $20-$60.
“KeyMe’s expanding the roster of retail partners, growing national footprint, and exceptional leadership team underlines the company’s strong service offering and value proposition,” said BlackRock Managing Director Jason Ridloff. “We are excited to support KeyMe’s next phase of growth with this investment, which offers our clients the potential for attractive risk-adjusted returns.”
KeyMe’s existing investors comprise:
- Battery Ventures
- Comcast Ventures
- Questmark Partners
- River Park Ventures
- White Star Capital