56 AI Technologies Pvt., popularly known as 56 Secure, is gearing up for its second funding round, eyeing a substantial raise of over $20 million. The connected security startup, named after Bengaluru’s pin code, has ambitious plans to expand its security network beyond the city.

Having already covered around 80 km of the Bengaluru area with over 10,000 clients, 56 Secure aims to blanket the entire city by early next year before venturing into multiple cities. The company successfully secured $10.5 million in Series A funding in 2022 from investors like Venture Partners, RTP Global, I-Seed, Village Global, and angel investors.

Sacheth Kadam, co-founder of 56 Secure, shared insights into the fund allocation, stating, “Of that, we invested $2 million in the design and production of second-generation AI cameras, while the remainder will be used to expand the network in the city.” The second funding round is strategically crucial for the company’s expansion beyond Bengaluru, targeting metro cities as the next destinations.

56 Secure offers subscription-based security services starting as low as Rs 500, setting itself apart with integrated surveillance systems backed by AI-based services. The company’s arsenal includes remote monitoring, edge AI cameras, and optimized manpower deployment.

Kadam emphasized their unique selling proposition, stating, “Our differentiator is security that comes with physical guards and advanced AI cameras that are almost eyes-on-the-ground, even for those taking a Rs 500 subscription.” The physical guards are equipped with connected devices on their mobiles, facilitating prompt responses to alerts and ensuring a proactive security approach.

In terms of camera production, the company took a phased approach, designing and producing around 5,000 cameras in the first batch. The second batch is set to produce another 5,000, followed by an additional 10,000 cameras. These cameras are engineered to eliminate redundancy in security solutions, incorporating features like facial recognition, automated sirens, and intelligent detection.

Currently, 56 Secure’s service market comprises 70% commercial and large enterprise customers, with the remaining 30% catering to households and independent stores in various neighborhoods of Bengaluru. The company’s innovative approach to security, backed by AI and physical presence, positions it as a key player in the evolving landscape of connected security solutions.

By Admin

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