Mayfield re-ups in India's Securens - report
US-based venture capital firm Mayfield is investing another $6 million in Indian online alarm systems provider Securens Systems.
Mayfield invested $4 million in Securens in 2012.
The start-up, which counts ICICI Bank, Axis and State Bank of India among its clients, provides online surveillance services for ATM machines and banks across the country. It has a control center in Mumbai with a team of security officers monitoring alarm systems.
Securens also serves retail outlets, high-value-asset showrooms, offices, homes, and vehicles.
According to The Times of India, the latest fundraise will help the company meet demand for increased surveillance as banks step up security across ATMs. Currently, India is estimated to have around 140,000 ATMs of which just 3,000 benefit from having online security surveillance.
Last month, Mayfield closed its second India fund - Mayfield India II - at $108 million, a year after it launched. The fund targets businesses in infrastructure, technology, technology-enabled services and consumer-related sectors with an average ticket size of between $2 million and $8 million.
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