MyGate, an India-based provider of security technologies for gated communities, has attracted $56m in funding round from investors including internet group Tencent, Times of India reported yesterday.
The round was also backed by venture capital fund Prime Venture Partners, hedge fund manager Tiger Global Management and investment management firm JS Capital.
Founded in 2016, MyGate offers a service that helps keep households in gated communities safe by validating each request to enter the area using a mobile app connected to a smart intercom system.
Households typically pay a Rs 25 ($0.35) monthly fee to access the platform and can use the intercom to simplify the process of allowing permitted guests to enter.
The company serves property managers in 11 cities but aims to expand its reach to 15 million households across 40 cities by 2020. In the nearer term, it intends to treble its headcount to 700 over the next two financial quarters.
MyGate had raised approximately $11.5m prior to the latest round, about $8.9m of which came in an October 2018 series A round led by Prime Venture Partners and backed by various angel investors. Prime Venture Partners had already led a $2.5m round for the company in January 2018.