An industrial IoT based company which is in Pune Altizon has $7Mn in a Series A funding from the Singapore-based subsidiary of automobile manufacturer TVS Motors. Other existing investors such as The Hive, Wipro Ventures, and Lumis Partners also participated in the round.
These funds are used by Altizon for strengthening its international presence and continue its investments in intellectual property development. There are multiple applications where This Industrial IoT platform is used from intelligent edge computing to business applications for smart manufacturing.
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, with the on-boarding of multi-billion dollar TVS Group, said Vinay Nathan, CEO of Altizon.
Altizon was founded by Ranjit Nair, Vinay Nathan, and Yogesh Kulkarni in 2013. The company helps enterprises use machine data to drive business decisions with a view to enabling digital transformation by accelerating smart manufacturing initiatives, modernizing asset performance management, and adopting new business models for service delivery.
The company claims to have built a global ecosystem of over 100 enterprises. Altizon operates in Western Europe, Asia Pacific, and the United States.
Rajesh Narasimhan, Board Member of TVS Motor Company and CEO of TVS Motor (Singapore) said in a media statement, After detailed assessments around industrial IoT platforms we found Altizon's technology portfolio of definitive value in driving digital transformation with Industrial IOT. This is amongst our first set of investments in digital start-ups focused on the Automotive and Fintech Industries.
The funding comes three years after Alitzon's last round in 2016 when the company raised $4 Mn from Wipro Ventures, the venture capital arm of Wipro, Lumis Partners, The Hive and Infuse Ventures.
In late 2018, a Chennai-based IoT startup DeTect Technologies had raised $3.3 Mn from SAIF Partners, Bharat Innovation Fund, Axilor Ventures, and others.
Prior to this, Indian hospitality brand OYO Rooms has made its foray into IoT space with the acquisition of Mumbai-based IoT (Internet of Things) technology company AblePlus.