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Here’s a new twist on getting your keys copied at the hardware store. KeyMe has raised $15 million in funding to expand its key-copying kiosks, which enable you to save “digital copies” of keys in the cloud.
KeyMe promises to revolutionize costly locksmith services by enabling customers to copy their home, office, and car keys and then save copies of them in the cloud.
The third round of funding was led by QuestMark Partners, coming after a $20 million second round in December 2015. To date, the company has raised $45 million. All previous investors participated in an oversubscribed round, including Comcast Ventures, Battery Ventures, White Star Capital, 7-Eleven, Ravin Gandhi, and the Michael Polsky Family Office, among others.
“KeyMe is poised to help tens of millions of consumers securely and conveniently copy keys at their local retailer,” said Greg Marsh, founder and CEO of KeyMe, in a statement. “This new round of funding will help us meet explosive retailer demand for tens of thousands of new kiosks and fundamentally disrupt a $7.5 billion per year industry.”
The round will support the company’s aggressive expansion plan to add more than 3,500 next-generation kiosks by the end of 2017 in leading retailers, including 7-Eleven, Albertsons, Bed, Bath & Beyond, Kmart, Lowe’s Home Improvement, Mall of America, Rite Aid, Safeway, and Sears.
The new KeyMe kiosk supports 85 percent of all automotive keys on the market, including modern “fob” automotive keys, the company said.
Consumers have historically been forced to go to a dealer for “fob” keys and often pay hundreds of dollars. This technology enables KeyMe to scan car keys at the kiosk, read the transponder, and ship a fully programmed copy with a shipment tracking code in under two days. Prices start at $20 for non-transponder keys and $60 for “fob” keys and transponder keys. KeyMe can also replicate keys for recreational, watercraft, and commercial vehicles.
KeyMe also enables customers to save digital copies of their keys in the cloud. Customers can then recover a copy simply and securely using their fingerprint at any of the kiosks if they are ever locked out; they can also use KeyMe’s free iOS and Android apps. Keys can be saved via the app and stored in the cloud, then accessed and printed at a kiosk in the event of a lockout. That could save hundreds of dollars that would ordinarily be spent on an emergency locksmith visit.
“KeyMe has successfully brought key copying into the 21st century, with technology that offers convenience, security and control to anyone with a set of keys,” said Nick Superina, partner at QuestMark Partners, in a statement. “KeyMe’s unique kiosks, mobile application and cloud storage of keys truly make the key copying and sharing experience much more convenient, accurate and safe. We are proud to lead the new round of funding for KeyMe, fueling KeyMe’s rapid expansion to thousands of stores and millions of mobile users worldwide. With over one million keys produced and a massive national retail presence, we expect KeyMe to continue to shape and define the industry.”
KeyMe was founded in 2012. KeyMe said its advanced robotics and artificial intelligence technology produces key copies that are more accurate than the originals, whereas traditional key duplication services have 15-20 percent error rates as a result of their “tracing” methodology. Customers can also use KeyMe’s free, downloadable mobile app to safely scan and save a digital copy from anywhere, and either mail order copies to their door or print a copy at any KeyMe kiosk.
KeyMe has introduced unprecedented security and control into key duplication and lockouts, according to the company. KeyMe provides accountability across the entire customer experience. For every key made, there exists a detailed transaction history, financial paper trail, and fingerprint encryption at login.
With the new funding completed, QuestMark Partners’ Superina has joined the board, replacing current board member Jens Molbak, the founder of coin-counting kiosk company Coinstar.
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