Pune- and US-based Altizon Inc., which operates a platform for developing solutions based on industrial Internet of Things (IIoT), has raised $7 million (Rs 49 crore) in a Series A round from a clutch of investors.
The company said in a statement the round was led by TVS Motor Company (Singapore) Pte. Ltd, a subsidiary of TVS Motor Company Ltd. Existing investors The Hive, Wipro Ventures and Lumis Partners also participated in the round.
In a separate disclosure with stock exchanges, TVS Motors disclosed it invested $2.5 million in exchange for a 14.14% stake.
Altizon will use the funds to strengthen its international presence and continue its investments in intellectual property development.
“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, co-founder and CEO of Altizon.
In July last year, it had raised around $1 million from Wipro Ventures, The Hive and Mumbai-based Pi Ventures LLP. It’s last known major funding was in February 2016 when it raised $4 million (around Rs 27.2 crore then) from Wipro, Lumis Partners, The Hive and Infuse Ventures.
The company was launched in 2013 by Nathan, Ranjit Nair and Yogesh Kulkarni. The company also has a wholly owned US subsidiary. According to its website, the company’s technology solutions revolve around IIoT and cater to multiple industries that include automotive, steel, FMCG and energy.
The company has three offerings under its Datonis suite. Its flagship product Datonis IIoT platform is a cloud-based PaaS (Platform-as-a-Service) offering that allows for visualising, processing and analysing IoT-generated data in real time.
Datonis Manufacturing Intelligence is an enterprise business application which helps in integrating information from plant-floor systems to provide insights. Datonis Edge enables smart IoT connectivity for devices, thereby connecting and exchanging information with the Datonis IIoT platform.
Nathan holds a master’s degree in computer science from the University of Southern California and had earlier worked at Persistent Systems as vice-president of sales (Asia-Pacific and Middle East). Nair had previously worked as a software development manager at Amazon while Kulkarni was earlier director (cloud) at BMC Software. Both Nair and Kulkarni are alumni of the University of Pune.
In another recent deal in the IIoT segment, EroNkan Technologies Pvt. Ltd raised an undisclosed amount of Series A investment from venture capital firm GVFL Ltd in March 2019.