Claiming to be the first Indian startup to have come up with a 360-degree VR camera-equipped smart lock, Alteration Innotech’s young founders are all set to create a revolution in how we view security.
Who knew that a simple idea that was conceived on the way to college would become a game changer in providing security solutions? College friends Nandan Shah and Vaibhav Patel worked on their idea and are now on the verge of changing the entire security system in India.
Started in June 2017, Alteration Innotech is a company founded these two 22-year-olds whose aim is to give the “security system in India a new face.” Not ones to be deterred by failure to get jobs through campus placements because of low grades, they decided to start a business of their own. The idea for ‘Veltor’, as their product is known, was a result of an idea that cropped up after a burglary incident at Vaibhav’s house. The ease with which thieves broke open the locks got them thinking. They realised the need to have more secure and robust door locks.
The National Crime Records Bureau states that 7,96,032 cases of property crime were reported in 2016 alone across India, of which theft (4,94,404 cases) followed by criminal trespass/burglaries (1,11,746 cases) accounting for 62.1 percent and 14.3 percent, respectively. While these numbers are staggering on their own, according to the Safety Trends and Reporting of Crime (SATARC) survey only 6-8 percent victims of theft reported to the police and lodged a First Information Report (FIR).
“There is a need to make the world a safer place with remotely accessible security systems. After researching and living with partial solutions, we realised people really need an easily upgradeable smart locking system,” Vaibhav says.
Veltor is an advanced internet-based home and office smart security system equipped with a camera. Veltor, Vaibhav explains, is similar to the security guard or watchman at homes and offices. “We can unlock the door automatically “like magic” from our smartphones. It does away with the need of having to carry a bunch of keys everywhere we go.”
What is Veltor?
Vaibhav says, “If you are working in an office and if someone is at your doorstep, Veltor will alert you on the Veltor mobile app through motion detection system. And the virtual reality 360-degree camera helps you to look at who is at the door and also facilitates a two-way communication between you and the guest through the Veltor mobile app. It also gives a time-based access into your homes with the help of a QR code.”
Veltor is an Internet-enabled smart security system that helps you monitor the security of your house from anywhere in the world. All you would need is a smartphone and an internet connection.
The duo conducted pilot tests with Bengaluru-based Akshaya Patra, the world's largest school lunch programme to end child classroom hunger. They connected Veltor to the food trucks to ensure that the food served is not adulterated during the journey. They also worked with the transport department of Lokmangal Infratrade Pvt Ltd, an organisation that deals in chemical supply. Through their product, VeltorX, the duo ensured that the contents of the trucks remained secured such that no thefts occur during long-distance travel.
“The lock system enables only the end receiver to open the truck to access the products. So even if the truck is traveling from Pune to Bengaluru, by road, the owner can be sure that the products will not be tampered,” Co-founder Nandan Shah explains.
Globally, the smart home market is expected to reach $7,189 million by 2023, at a CAGR (Compound annual growth rate) of 43.6 percent between 2019 and 2023.
“The rising adoption of smartphones and other connected devices acts as a driver for the growth of the smart lock market. Moreover, growing security and safety concerns and enhanced features compared with traditional lock systems also drive the growth of this market,” Vaibhav adds.
Presently, the duo has devised two products:
1. Veltor - Along with an Internet of Things enabled smart lock with a camera, Veltor can also detect armed thieves and set off an alarm. “The user can turn on the motion detection alarming system manually while sleeping or while being away from home. So whenever the thieves come in the range, Veltor will generate a siren in the mobile app and on the door lock,” Vaibhav explains. The product is presently priced at Rs 16,000, per piece.
2. VeltorX - Padlock are used widely, and VeltorX aims to solve the logistic theft related issue with VeltorX, wherein the use of keys is eliminated and the admin can keep track of all open and close operation done through mobile apps. Due to design and software variation this product is priced at Rs 4,500 for B2B customers while single consumers can avail the product at Rs 3,000.
Veltor is also equipped with a keypad and Bluetooth to enable offline entry in areas with no internet connectivity and range. One can just manually type in their lock code in the keypad or connect their phone Bluetooth to the Veltor to unlock it.
India is fast racing towards the days of IoT revolution with the number of internet users increasing each day. “Presently there are a number of Chinese players in the market but trust is a major issue. With Veltor being an Indian invention, user can trust us,” Vaibhav adds. Godrej, Samsung, Oakter, August, Amazon Key, Nest, Kwikset are some of the competitors in and outside India. Veltor claims that they are the only Indian company that has developed this 360 degree VR camera-equipped smart lock. Additional features like a manual alarming system, rechargeable battery back-up, live video streaming are unique to Veltor, which ups its security quotient, thus, increasing its market.
Their target audience includes homes, offices, hotels, logistics vehicles, warehouses and other places that require security.
“By 2025, we hope that every home in India has access to keyless smart locks. By mid-2019, we will launch 500 units of VeltorX in the retail market. We hope to make this product affordable to the common man through mass production,” Nandan adds.
Having had immense financial support from their families during the initial stages and currently being funded by mentor and Co-founder, Mahesh Deshmukh, Alteration Innotech is now looking to raise seed funding for rapid scaling up and expansion of their company.