Mayfield injects $5M more in ATM e-surveillance firm Securens Systems

Venture capital firm Mayfield Fund has invested additional Rs 30 crore (a little over $5 million) in Mumbai-based ATM e-surveillance firm Securens Systems Private Limited by subscribing to preference and equity shares of the company, according to a disclosure.

ELP Law Practice advised Mayfield on the transaction, which closed on June 6, 2014.

VCCircle was the first to report the development on May 23, 2014.

The fund had earlier injected $6 million in the company in March this year and prior to that it had put in around $4 million in November 2012.

Founded by Sunil Ramanna Udupa in 2011, Securens System is into alarm systems. It provides dedicated communications, internet protocol (IP) messaging and closed circuit television (CCTV) solutions. The firm caters its services to banks, automated teller machine (ATMs), vehicle, retail establishments and high value asset show rooms.

Securens Systems has 14 banks as its clients, including the major ones like ICICI Bank, Axis Bank and State Bank of India. So far, the Mumbai-based firm has installed its system in around 2,000 ATMs across the country.

Mayfield is one of the oldest venture capital firms from Silicon Valley. Although Mayfield is a technology-focused investor in Silicon Valley, it has also been an active venture investor in non-technology companies in India. Mayfield follows an early-stage venture capital strategy in India, and invests $2-8 million in companies targeting the infrastructure sector, tech and tech-enabled services and the consumer.

Mayfield’s portfolio companies include Bharat Matrimony (India’s largest matrimony company), Dealsandyou (a daily deals portal), Geodesic Techniques (a specialty construction company), Beer Cafe (a resto bar chain) and Elastica (cloud security applications for enterprises). Its earlier investments include PayMate India and Tejas Networks. Several of Mayfield's portfolio companies have managed to raise follow-on rounds of funding at a higher valuation.

Early this year, the global VC firm with $3 billion under management, closed its second India-dedicated fund at $108 million. Mayfield India II is the successor to Mayfield India I which had raised $111 million in late 2008 and VC firm has been investing in the country through this fund.

(Edited by Joby Puthuparampil Johnson)

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