How This Company Plans to Bring Physical Locks Into Vogue By Securing Them Digitally
Asset protection should not have to a costly believes this startup
As we move away from physical security equipments in securing business assets, and tread towards a digitally secured future, a Bengaluru-based automation startup is planning to bring physical locks back into vogue. Open App, which started by creating assest security mechaisms for Internet Service Providers (ISPs), now deals in automated physicals locks that can be digitally controlled and cost companies almost 90% less than high-cost digital security solutions.
"We are among the first to introduce Indian enterprises to the Access Control as a Service (ACaaS) segment, thereby creating a new SaaS vertical. With Open App’s smart lock solution, the lock acts as a Wi-fi access point, emitting its own WiFi signal that enables a smartphone in a remote location to connect to its network and then operate it," said Gotama Gowda, Cofounder CEO of Open App.
Physical Asset Management
Although there is a growing demand for automation of physical security in enterprises, most of it is limited to high-cost measures especially for asset heavy industries like logistics, manufacturing and more. For India in particular, sectors like hospitality,banking, jewellers, still use physical locks and key to manage their assets and lose millions to theft, mostly internal.
"While traditonal locks and security prevent theft from external parties, most clients complain of how internal thefts are a big cause of concern, especially when warehouses and godowns are based out of remote locations," said Gowda. "WIth this they can not only control the locks through their phones, but also know every aspect of the unlockings including timings, area, temeperature and so on," he added.
And what about the securty factor, the fact that most digitally secured systems in today's date are plagued with cyber threats.
"It's true nothing is hack proof and no one can guarantee any technology that is 100% secure. But what we can do is ti prevent such hacks and keep mechanisms ready to track any such hacks if they do take place. So in addition to our standard security protocols, there is a mechanism to alert security agencies when a breach takes place especially when related to high-value assets like cahs or jewels," said Gowda.
Tapping An Unexplored Market
The global physical security equipment and services market is estimated to grow to $197.07 billion by 2019, where in ACaaS will account for $6.06 billion of that pie. Of this India accounts for a minuscule percentage, owing to the traditional methods of gurading assets.
"That is changing now and is set to change further as the markets grow. The potential is huge as most firms are either in the traditional domain of physical security or completely digital domain, and our technology is a combination of both. Plus our price point is our biggest adavantage, as it can be used by a local shop owner to a textile mill company," said Gowda.
The company which started operations in 2016 and was initially bootstrapped manage to cash in a revenue of half a million dollars in their maiden year, leading them to secure their first venture funding. The firm raised $550,000 from Axilor Ventures as well as Kumar Vembu Co-Founder, ZOHO, who has invested in the venture in the capacity of an angel. It currently has majority of its clientele from two sectors - Internet Service Providers and Warehousing, but hopes to expand ot other sectors like hospitality soon.
She was generating stories out of Bengaluru for Entrepreneur India. She has worked with leading national and international business publications, including Newsweek, Business Standard, and CNBC in the past.