myGate raises Rs 16 cr in 1st round of funding

myGate, a mobile-based security management solution for gated premises, today announced that it has raised Rs 16 crore in its first round of funding, led by Prime Venture Partners.
The company said it will use the funds to invest in technology and scale to 2 million homes across the top 7 cities within the next two years.
About 5,000 guards are already using myGate inBengaluru, it said in a release here.
"myGate provides an outstanding experience for people living in gated communities, allowing them to keep track of their visitors and all the relevant developments in the community with the help of an app," myGate CEO & Co-founder Vijay Arisetty said.

He said, "in Prime, we found a hands-on investmentpartner with a long-term vision and practical executionexpertise; we are excited to have them join us as our extendedteam."
myGate is a mobile-app-based system and claims to offer a comprehensive solution by digitizing and often automating manual tasks.
The solution comprises an Android app for security guards and an Android or iOS app for residents, with a fallback to a regular voice call for non-smartphone users.
In the top 7 cities in India, myGate said its estimates show that there are more than 100,000 gatedcommunities with 35 million residents, and the company isfocussed on tapping into this unaddressed market andredefining security at the gates.