Bangalore-based enterprise mobility solutions company Nivaata Systems Pvt Ltd, which operates under the brand Verayu, a location intelligence platform for enterprises, is in advanced talks with a few investors, including US-based VC firm Mayfield Fund to raise up to $4 million in its Series A round of funding, sources privy to the development told Techcircle.in. Existing investor Blume Ventures is also likely to participate in this round.
The company has also appointed Praveen Jain, ex-consultant of KPMG, as a 'virtual' CFO, and is now looking for a full-time employee to head its fundraising initiatives, sources revealed.
We have contacted Sriram Kannan, founder of Nivaata; Karthik Reddy, managing director of Blume Ventures; as well as Nikhil Khattau, managing director of Mayfield, for more details, and will update the post as and when we hear from them.
Nivaata was founded in 2007 by Kannan, a computer science engineer. Prior to setting up Nivaata, he had worked at i2i TeleSolutions and Texas Instruments. Nivaata mainly works in areas of route planning and tracking. In addition, it helps organisations automate and optimise distribution and planning, transportation, asset monitoring, logistics and sales force effectiveness.
The app is used by employees of various business process outsourcing (BPO) firms and cab drivers to find out each other's location. The system can also be programmed to send out text message alerts to families of employees about their locations.
Nivaata also offers a GPS tracking device called Yantra.
To date, Nivaata has raised around $1 million in multiple rounds of funding from various investors, including VAMM Capital and Blume.
Nivaata mainly competes with MoveInSync, which recently netted $5 million in its Series A round of funding led by Inventus Capital Partners, with participation from Qualcomm Ventures and Saama Capital. Cubito is another venture operating in the same space that recently raised under $165,000 in angel funding.
(Edited by Joby Puthuparampil Johnson)