KeyMe

KeyMe Locksmiths is a technology company that provides an app for copying keys and robotic kiosks for new key duplication.

KeyMe Locksmiths
TypePrivate
IndustryLocksmith
Founded2012 (2012)
FounderGreg Marsh
HeadquartersNew York, New York, U.S.
Websitewww.key.me

Company history

The company was founded by Greg Marsh in 2012, who developed the idea after he had a difficult experience getting his home's locks changed.[1][2] Marsh now serves as the company's CEO.[3] The company is based in New York City.[4]

Key duplication

KeyMe's mobile app has users digitally scan their keys, the scans of which are then stored in the cloud. That data is then sent to physical kiosks, where new copies of those keys can be fabricated. Kiosks can also scan keys inserted directly into a scanning apparatus. The machinery in the kiosks can quickly reproduce brass keys, key fobs, and car keys both with and without transponders. The kiosks are located in various cities across the United States, generally alongside a box retailer, grocery store, or corner store.[5][6] Originally kiosks would only allow access to keys via a finger print scan.[7] Keys can also be delivered by mail.[8]

Some commentators have mentioned concerns that the app could potentially allow people to copy keys other than their own, since only a few seconds of physical access to a key is required to scan it.[9][10] The number of KeyMe kiosks in 2016 was about two hundred, which had fabricated about one million keys at that time.[2] The number of kiosks increased to more than one thousand in 2017,[11] and to more than three thousand by 2020.[12]

Funding

KeyMe Locksmiths raised $300K in angel funding from Ravin Gandhi in 2012. KeyMe raised $2.3 million in seed funding in 2013 from Battery Ventures and then another $7.8 million in its Series A funding round in 2014. In 2016 the company received $20 million in Series B venture financing,[3] a round led by Comcast Ventures and including investors 7-Eleven and Ravin Gandhi.[13] The company then raised $15 million in their Series C round[14] and $25 million in their Series D round, including investors White Star Capital, Questmark Partners, and Providence Equity Partners.[2][15] The company received $50 million in further funding in 2019 in a round led by BlackRock, and $35 million in 2020 in a round led by Brentwood Associates.[12]

References
  1. Barzilay, Omri. "How KeyMe Is Taking Over The $7.5B Locksmith Industry". Forbes Magazine.
  2. "KeyMe, the App That Makes It Scarily Easy to Duplicate Keys, Locks In Another $25 Million". Fortune Magazine.
  3. Ha, Anthony. "KeyMe Raises $20M For Its Key Copying Service". Tech Crunch.
  4. https://venturebeat.com/2020/01/14/keyme-raises-24-million-to-duplicate-keys-with-ai/
  5. "KeyMe aims to replace locksmiths with kiosks in more cities". EnGadget.
  6. "Startup KeyMe offers cheaper alternative to replacing car keys". New York Post. 21 December 2014.
  7. ha, peter. "KeyMe: Store Your Keys In the Cloud, Never Get Locked Out Again". Gizmodo.
  8. Aamoth, Doug. "Locked Out? This App Stores Your Keys Online". Time Magazine.
  9. "Lost keys? KeyMe has the app for that". CNet.
  10. "The App I Used to Break Into My Neighbor's Home". Wired Magazine.
  11. Jones, Donovan (15 September 2017). "Comcast Leads $25 Million Investment In KeyMe". Seeking Alpha.
  12. https://www.forbes.com/sites/marleycoyne/2020/01/14/keyme-plans-to-use-new-35-million-funding-round-to-build-10000-retail-locations/#42c4f17f18f5
  13. Marotti, Ally. "KeyMe digital kiosks get boost from Chicago investors, plans expansion". The Chicago Tribune.
  14. "KeyMe raises $15 million for digital key-copying kiosks". VentureBeat.
  15. "Comcast keys into security with KeyMe, Bastille". The Philadelphia Inquirer.

www.key.me

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