Information technology firm Inspira Enterprise India Pvt. Ltd has invested an undisclosed amount in iRam Technologies Pvt. Ltd, which provides Internet of Things (IoT) solutions for smart cities.
iRam will use this investment for new product development, feature enhancement in existing products, research and development (R&D) and hiring of new talent, said Inspira in a release. Also, as a result of the funding deal, Inspira director Vishal Jain will join the board of iRam.
Udaya Bhaskar Rao Abburu, chief executive and managing director at iRam, said, “This deal will give us access to Inspira’s well-entrenched sales team and their existing relations with government agencies. This is a strategic move that will boost the growth strategies of iRam and help us emerge as a key player in the smart-city solutions space.”
According to the release, the smart street-lighting market in India is expected to grow at an annual rate of 42.2% to $1.8 billion by 2022 as the adoption of LED (light-emitting diode) and solar-powered systems rises in the country.
Mumbai-based Inspira is an information technology solutions provider, with Centres of Excellence focusing on cyber security, blockchain, cloud, robotic process automation, smart city, networking and healthcare solutions.
The company caters to the government, defence, agriculture, public sector undertakings, banking, financial services and insurance, information technology, healthcare and enterprises.
iRam is a product development and technology company with solutions based on IoT. The firm makes its products in its facility in Bengaluru.
The company has deployed its solutions in various smart-city projects and municipal corporations across India, the release said.
Some products and solutions from iRam’s stable are: Smart parking system, smart poles, smart lighting, smart environment solutions and customised solutions.