KeyMe, a New York-based startup that uses artificial intelligence and the cloud to replace keys, announced today it has raised another $25 million.
The new round, led by Benefit Street Partners, brings to $70 million the amount the company has raised since launching in 2012. To date, KeyMe has raised money from investors including 7-Eleven Ventures, Battery Ventures, Comcast Ventures, and White Star Capital.
KeyMe uses images of keys to make real, physical duplicates. Through its app, customers can photograph their keys and store them in the cloud so they can cut new copies at any time. They can also scan their keys at a KeyMe kiosk in retailers such as Bed Bath & Beyond, Rite Aid, Sears, and Safeway. Copies can either be mailed to the customer or cut at the kiosk.
The cost of creating a duplicate ranges from $2.99 for a basic house key to $69.99 for a fancy car key that has a transponder chip. (Car keys with transponders are the only kind of key that can’t be immediately printed at KeyMe’s retail kiosks, but can be sent by mail within two days).