Internet-of-things solutions provider Cognecto on Thursday said it has secured $486,944 (around Rs 4 crore) in a seed funding round from Inflection Point Ventures.
The Bengaluru-based company plans to use the fresh funds for product development.
Founded in 2020 by Rohet Sareen, Divyani Singh and Anshul Saxena, Cognecto uses artificial intelligence (AI), predictive analytics solutions and managed services related to heavy industries.
"With this funding, we aim to accelerate the development of our product and bring real-time data analytics to mining and construction operations,” said Sareen, co-founder, Cognecto.
The company currently operates in industries such as mining, aluminum, highways, and logistics and claims to have a presence across Asia, Europe, Australia and Africa.
“The mining and construction sector industries require real-time data to optimize time and resources. Cognecto offers solutions for infrastructural development to improve productivity on a large scale,” added Vikram Ramasubramanian, partner, Inflection Point Ventures.
This week saw another AI-based platform, SwitchOn securing funding. The startup raised a Series A funding of $4.2 million led by a Singapore-based fund along with participation from existing backers Pi Ventures, Axilor Ventures and Chennai Angels.
Last month, IoT-based smart grid automation startup Probus raised $3 million in a Series A funding round led by existing investor Unicorn India Ventures.
Meanwhile, Inflection Point Ventures is an angel investing platform based out of Gurugram. Founded in 2018 by Ankur Mittal, Vinay Bansal and Mitesh Shah IPV has so far invested over Rs 550 crore across 140 deals. Last year, the firm announced the launch of Physis Capital, its $50 million VC fund to invest in pre-Series A to Series B rounds in the startups.