Mayfield invests further $5m in India ATM surveillance firm
Mayfield Fund has invested an additional INR300 million (over $5 million) in Indian ATM e-surveillance firm Securens Systems through a subscription to preference and equity shares.
The fund had previously invested $10 million in the company across two rounds; it injected $6 million in the company in March having already put in around $4 million in November 2012.
Set up in 2011, Mumbai-based Securens provides online surveillance services for ATM machines and banks across the country via dedicated communications, internet protocol (IP) messaging and closed circuit television (CCTV) solutions. It has a control center in Mumbai with a team of security officers to monitor its alarm systems.
Securens has installed its system in around 2,000 ATMs across India and serves 14 banks and counts ICICI Bank, Axis Bank and State Bank of India among its clients. In addition to ATMs and bank, the firm also caters its service to retail establishments and high value asset show rooms.
Silicon Valley- based Mayfield closed its second India fund - Mayfield India II - at $108 million in February, a year after it launched. The firm - which has $3 billion in total assets under management - targets businesses in infrastructure, technology, technology-enabled services and consumer-related sectors with an average ticket size of between $2 million and $8 million.
Mayfield's other investments in the country include Bharat Matrimony, daily deals portal Dealsandyou, specialty construction company Geodesic, bar chain Beer Cafe and cloud enterprise security application developer Elastica.
ELP Law Practice advised Mayfield on this latest transaction.
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