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KeyMe secures funding to fuel retail expansion

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NEW YORK — A new capital infusion for startup KeyMe stands to bring the company’s smart key-copying kiosks to more retail locations.

KeyMe said its has closed on its $25 million series D financing, raising the company’s funding to date to more than $100 million. The capital is earmarked for what KeyMe called a “massive” retail expansion and investment in more robust marketing.

KeyMe key copying kioskCurrently, KeyMe kiosks are in more than 1,000 locations at leading retailers, including Kroger, Albertsons, Rite Aid, Safeway, Kmart, Sears, Bed Bath & Beyond and 7-Eleven (one of KeyMe’s investors), among others.

KeyMe said it expects to close out 2017 with over five times the number of kiosks in the marketplace than at the start of the year.

“KeyMe has disrupted the $7.5 billion per year locksmith industry with groundbreaking technology,” stated Greg Marsh, chief executive officer of KeyMe, which he founded in 2o12. “This new round of financing will assist us with continuing to meet our increasingly high retailer demand, as we are delivering new foot traffic and profitable revenue streams. We will be furthering our growth rate with significant scaling of our marketing activity.”

The KeyMe smart kiosks can copy keys in under 30 seconds at a rate that is 10 times more accurate than industry averages, the company said.

And in what KeyMe described as a “revolutionary advance in the industry,” its platform allows customers to securely save digital copies of their keys in the cloud and, if they are ever locked out, recover a copy by using their fingerprint at any of the kiosks or accessing the free KeyMe mobile app, available for iOS and Android devices.

Also, KeyMe is the first and only kiosk that can duplicate about 85% of all automobile keys on the market, the company added.

“KeyMe has received tremendous consumer reception and impressive retail demand for its kiosks,” according to Sam Landman, managing director at Comcast Ventures, a KeyMe investor. “The company is well-positioned to become a leader in this $7.5 billion a year offline service industry. We look forward to helping the company continue to grow and scale.”


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