Syook, an Industrial Internet of Things (IIoT) startup which builds real-time location tracking systems for businesses, has raised an undisclosed amount in funding from Inflection Point (IP) Ventures.
Syook said in a statement that it will use the fresh capital to expand to the Middle East and Southeast Asian markets. It also plans to ramp up its operations in India.
Founded in 2016 by Indian Institute of Technology (IIT) graduates Arjun Nagarajan, Saurabh Sharma and Aman Agarwal, Syook uses its proprietary IoT platform to provide micro-locations for people and other critical assets in sectors such as manufacturing, automobile, healthcare, education and defence. It claims that its real-time location system empowers organisations to improve safety, productivity, compliance and asset utilisation.
“We're really excited to partner with IPV as we continue to make inroads into digital operations management with our full-stack industrial IoT product, Syook InSite.,” said Syook co-founder Nagarajan.
IP Ventures is a sub-initiative of CXO Genie, a community of chief financial officers and senior finance professionals. The by-invitation-only network connects the investor community with startups.
IP Ventures was founded in 2017 by nine CFOs and finance professionals hailing from startups such as Myntra, BookMyShow and Grofers.
Recent deals in IoT segment:
While the IoT segment in India is fairly nascent in comparison to developed markets, investors are starting to take note of its progress.
- May 2019: Clairco, an IoT-driven clean-tech solutions startup, raised an undisclosed amount in a pre-seed funding round through investment syndication platform AngelList.
- May 2019: TVS Motor Co. Ltd invested $3.85 million (nearly Rs 27 crore) in machine learning company Tagbox Solutions as part of a Series A funding round.
- April 2019: Altizon Systems Pvt. Ltd, which operates a platform to develop solutions based on industrial Internet of Things (IIoT), raised $7 million (around Rs 49 crore) in its Series A round of funding.