Altizon Systems Pvt. Ltd, which operates a platform to develop solutions based on industrial Internet of Things (IIoT), said it has raised $7 million (around Rs 49 crore) in its Series A round of funding.
TVS Motor Co. (Singapore) Pte Ltd, a wholly owned subsidiary of motorcycle company TVS Motor Company Ltd, led the round, Altizon said in a statement.
Existing investors The Hive Fund, Wipro Ventures and Lumis Partners also participated in the funding round, it added.
The Pune-based company intends to use the fresh capital to strengthen its international presence and develop intellectual property (IP).
“We have a strong roster of global industrial majors as our customers and they can now gain further benefit from our global footprints and enhanced technology offerings," said Vinay Nathan, CEO, Altizon.
Altizon was launched in 2013 by Nathan, Ranjit Nair and Yogesh Kulkarni. It helps enterprises use machine data to drive business decisions.
The company also has a wholly owned US subsidiary Altizon Inc. Its technology solutions revolve around IIoT and cater to multiple industries that include automotive, steel, consumer goods and energy.
The company's Datonis IIoT platform addresses the breadth of industrial IoT needs from intelligent edge computing to business applications for smart manufacturing.
Altizon had first raised external funding in 2014 from The Hive Fund and other investors. Wipro Ventures and Pi Ventures had come in as new investors in 2016. This was followed by a more funding from existing investors last year, TechCircle had reported.
While the IoT segment in India is fairly nascent in comparison to developed markets, investors are starting to take note of its progress.
Earlier in March, EroNkan Technologies Pvt. Ltd, which provides an IoT platform to enterprises across industries, raised an undisclosed amount of Series A investment from venture capital firm GVFL Ltd.
In January, Oizom Instruments, an IoT startup focussed on curbing pollution, raised an undisclosed amount in seed funding from Centre for Innovation, Incubation & Entrepreneurship.
Investors
TVS Motor is part of the $8.5 billion TVS Group. It is using its Singapore unit to invest in digital technology startups focused on the automotive and fintech industries.
TVS Group also sponsors homegrown private equity firm TVS Capital Funds Ltd, which hit the first close of its third fund in October last year.
Wipro Ventures is the investment arm of IT services major Wipro Ltd. It has invested in several early- to mid-stage startups working on emerging technologies in India, Israel and the US. It typically puts in between $1 million and $10 million in a single round, depending on the stage of the investment.
The Hive Fund was floated in September 2013 by Patni Computers’ scions Amit and Arihant Patni. The fund invests in big data firms operating in multi-channel marketing, customer relationship management, security, IT management, e-commerce, retail, advertising, media, financial services and insurance, telecom and healthcare.
Lumis Partners is a Delhi-based private investment fund co-founded by former GE executives. The firm chases investments in sectors like education, human capital and technology.
