Hyderabad: We have been familiarised with cash, water, and even milk ATMs so far. But now, gold ATMs are the latest trend in the market dispensing gold in grams. The software of complex machine and its software were designed by a Telugu youth named P Vinod. He is the founder of 'Open Cubes'. Vinod is a native of Anakapalli in Andhra Pradesh.
His father was in Bengaluru for some years as a businessman. During his father's stay in Bengaluru, Vinod joined a web development course during the summer holidays. He mastered web development by the time he completed Class X. Since then he used to make his websites and earn pocket money. Realising his aptitude towards technology, Vinod soon turned his hobby into a career.
After completing his MBA, he joined a leading telecom company as a partner. Later, he worked in a life insurance company in Visakhapatnam for three-and-a-half years and learned marketing and sales skills. Vinod came to Hyderabad in 2017. Soon, his breakthrough came after he designed a patented communication device that easily conveys information to the deaf.
Also read: Country's first gold ATM inaugurated in Hyderabad
Vinod started a budding company called 'Open Cubes' in Hyderabad less than seven years ago. Being a new company, initially, there were many challenges in getting projects. However, the first invention wanted to be different and made an application called 'NH7'. It is an app similar to social media like Facebook, Twitter, and Telegram.
Due to the features and ease of use, 18 lakh people started using it within two months. With the success of the app, he opened an office in Singapore. However, the tough times were in the offing as Corona broke out bringing everything to a standstill. The maintenance of offices and apps used to cost Rs 20 lakhs.
Under the circumstances, Vinod sold the app to an American company for profit. Later, the management of the 'Gold Sikka' company contacted Vinod to make a gold ATM. The manufacturing of the ATM in Dubai and London was a costly affair. He worked with the staff for almost three months and made a gold ATM as they said.
He developed the software and from this, there is a facility to draw gold from 0.5 grams to 100 grams. The invention brought recognition to Vinod as the machine became the first ever gold ATM to be installed in India at Begumpet in Hyderabad in December last year. Vinod says that they cannot draw less than 20 grams in foreign countries. But back in India, he has kept the provision of smaller gold transactions in the gold ATM. Vinod says that this machine can be designed at a lower cost of 30 per cent. After the success of the gold ATM, he is working on creating an ATM for medicines. Earlier, he also made a jammer to prevent piracy.
