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Altizon raises $7 million in Series A funding round led by TVS Motors

Author : Paroma Bhattacharya | Published Date : 2019-04-29 

Altizon had raised $4 million three years ago in 2016 – its last funding round.

Altizon Inc has reportedly raised $7 million in Series A funding round from motor cycle company TVS Motors. The existing investors also participated in the round, including Wipro Ventures, Lumis Partners, and The Hive.

Reportedly, Altizon has planned to use the latest fund to continue its investments in intellectual property (IP) development and strengthen its international presence. Datonis Industrial IoT platform of Altizon has been used in several applications from intelligent edge computing to business applications for smart manufacturing.

Vinay Nathan, CEO, Altizon, reportedly stated that the company has a strong roster of global industrial giants as its customers. Now, the customers can leverage from global presence and enhanced technology offerings of the company, with TVS Group, he further added.

Rajesh Narasimhan, CEO of TVS Motor (Singapore) and Board Member of TVS Motor Company, reportedly stated that the company has made detailed assessments across industrial IoT platforms and found definitive value to drive digital transformation with Industrial IoT in technology platform of Altizon.

Altizon had raised $4 million three years ago in 2016 – its last funding round. The amount was raised from Wipro Ventures, the venture capital arm of Wipro, Lumis Partners, The Hive and Infuse Ventures.

For the record, DeTect Technologies, a Chennai-based IoT startup, had raised $3.3 million in late 2018. The amount was raised from Bharat Innovation Fund, SAIF Partners, Axilor Ventures, and others.

Earlier, OYO Rooms, an Indian hospitality brand, had acquired AblePlus, a Mumbai-based IoT technology company.

For the record, Altizon was founded in the year 2013 by Vinay Nathan, Yogesh Kulkarni and Ranjit Nair. The company helps enterprises to use machine data for driving business decisions. It enables digital transformation by modernizing asset performance management, adopting new business models for service delivery and accelerating smart manufacturing initiatives.


Source credit: https://inc42.com/buzz/altizon-iot-startup-series-a-funding/


About Author

Paroma Bhattacharya

Paroma Bhattacharya

Paroma Bhattacharya, having completed her post-graduation in Journalism and Mass Communication, started her career in writing with resourceful and informative content development across diverse fields. Having dealt in myriad topics ranging from business to real estate, she now pens down articles for fractovia.org and other portals. She can be contacted at- [email protected] | https://twitter.com/paromab1

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