Tiger Global, Tencent back home security platform myGate

Home security platform myGate has raised $56 million in a Series B round from Chinese internet conglomerate Tencent Holdings and US-based hedge funds Tiger Global Management and JS Capital Management.

Existing investor Prime Venture Partners also participated in the funding round, the company said in a statement.

The digital security provider plans to develop new solutions to smoothen interactions between the users and outsiders and improve the efficiency of security personnel and local service providers. 

It is eyeing to install its platform at 15 million homes over the next 18 months.

myGate, run by Vivish Technologies, uses artificial intelligence to automate manual security tasks of gated societies such as visitor identification, home deliveries, vehicle management and child safety. It has also trained 170,000 guards on its platform.

The company claims to have a customer base of 1.5 million homes across 11 cities, processing over 60,000 requests a minute and 45 million check-in requests every month.

The Bengaluru-based firm was founded in 2016 by Vijay Arisetty, a former Indian Air Force pilot, Abhishek Kumar, a former executive at Goldman Sachs and Shreyans Daga, a former official at software providers Oracle and Digit. Prior to forming the company, Arisetty and Kumar worked as security guards at gated communities to understand the issues and detect potential lapses.

Earlier, Vivish Technologies had raised $11 million in two rounds of funding. In October 2018, the company had raised $8.6 million in a Series A round and $2.5 million in its first round of external funding in January 2018 from Prime Venture Partners.