Better Know A Startup: Param 24/7xs (@Param24_7XS)

In addition to the rise of international startups such as Lockitron and Kevo, Spanish startup Param 24/7xs, founded in 2011 is taking a different approach to the digital locks space. Focusing predominantly on B2B, Param have developed a patent pending cloud-based automation platform that uses mobile phones as an alternative to keys for accessing different types of property.

Not unlike their counterparts, Param 24/7xs will convert your phone into a digital key thus evading the need for a huge obnoxious keychain in your pocket (and if you manage many properties, lots of big bunches of keys). By using the app, you can control the lock remotely, however if a few taps of the keypad is too much for you, calling Param’s special number and introducing a short code will also operate the digital lock.

Partner and COO Melanie Rabinal tells us that Param 24/7xs differentiates itself from the competition by offering a full cycle business intelligence system for their partners, “The software shows you entrances and exits of the properties, who is inside, where they are and for how long, really any statistic that is related to the properties. This is extremely useful for property managers, banks and any commercial property owners”. Providing this in-depth business intelligence and focusing solely (for now) on these specific sectors sets them apart form their peers.

With Param 24/7xs you can create multiple keys, which can then be shared, something that’s very appealing for individuals who need multiple ways to enter a shared building. The digital keys can be created and deleted with a click and set to function for a certain period of time. Says partner and COO, Melanie Rabinal, “We are currently focusing on the real estate market, parking garages and vacation rentals however we are also looking at the possibility of a B2C option in the not too distant future”. The Vacation rental sector is especially interesting for Param as the owners of the properties don’t need to hand over the keys, instead they create the digital keys for the renters based on the time of stay. Once the time has elapsed, the key will stop functioning.

Obviously security comes to mind when we think of digital locks. What happens if someone steals my phone and enters the property while I’m inside? Param uses various levels of encryption which make it difficult to hack. Also unlike most competitors we have heard of, their system locks the door as if you were locking with a key instead of just locking the dead bolt making it that extra bit secure. Whether we like it or not, digital locks are coming to the masses and will be playing an integral role in the future of human beings opening and closing doors. Say goodbye to that bulky bulge in your pocket and hello to “operating your life from your phone”.

Param 24/7xs’ solutions differ for each sector they offer but If you’re interested in their services, they charge a one off fee for the hardware and software plus an annual fee for the maintenance. The company is currently operating in Spain and Austria with the UK coming soon. You can check out more information and the services available here.

Although the name is a bit of a tongue twister, Param 24/7xs (Pronounced “Twenty Four Seven Access”) has a very interesting future ahead of them. What do you think about the digital lock space?