Bangalore-based Big Data firm Flutura Solutions has raised an undisclosed amount in funding from Hive Technologies, the Big Data startup fund launched by Patni siblings—Amit and Arihant Patni. This is the fund's first investment since its launch. The development was first reported by The Economic Times.
Flutura Solutions was launched in February last year by the trio of Derick Jose, Krishnan Raman and Srikanth Muralidhara, and according to the company, many energy, oil, and gas majors already use its patent pending platform Cerebra. "We are experiencing strong demand from the US, Japan and Germany," Flutura's co-founder and CEO, Raman told ET. Two of its industry solutions include machine to machine (M2M) Big Data analytics and info monetisation solutions. Both of them can be used across sectors like oil & gas, telecom, industrial engineering, and forensics, etc.
Arihant Patni confirmed the investment to Techcircle.in but declined to share any financials of the same. "Flutura has a really mature team with very strong credentials. The areas it is focusing on are very interesting. A lot of application and products can come out of that," he said.
Though the amount of the deal remains undisclosed, Techcircle.in had earlier reported that the fund will invest in the range of $200,000 to $2 million, predominantly in early-stage Big Data ventures. "Through our platform, we aim to help entrepreneurs create sustainable businesses that incorporate Big Data by providing them with initial capital, mentoring, technical & business guidance, and access to prospective follow on capital and strategic partners." Arihant had told Techcircle.in. "We will invest in three-five companies per year and have already identified a few ventures. Our first investment will be announced very soon," he had added.
While Hive India is a separate entity, it is affiliated to The Hive in Silicon Valley, which is part-owned by the Patnis. In India, the fund will invest in ideation-stage companies as well. It will pick 20-40 per cent stake in the startups in return for the investment.
(Edited by Joby Puthuparampil Johnson)