News Contact Us

IoT startup SwitchOn raises $1 million seed funding from pi Ventures

Author : Pankaj Singh | Published Date : 2019-06-18 

Bengaluru based Internet of Things (IoT) startup SwitchOn has reportedly raised $1 million seed funding in a round led by pi Ventures. As per trusted sources, Axilor and The Chennai Angels also participated in the funding round.

For the record, SwitchOn is an IoT startup founded in 2017 by Aniruddha and Avra Banerjee. It is an industrial technology company that help its clients discover plant level bottlenecks and enhance equipment efficiency. They also allow industries to create digital twin of their assets, to predict and monitor any performance bottlenecks.

Aniruddha Banerjee, Co-Founder, SwitchOn was reportedly quoted stating that the company is utilizing its expertise in hardware and software design in order to build advanced solutions to increase transparency, reduce the turn-around time and improve the quality of the manufacturing units which would invariably lead to operational excellence.

As per reports, the company will utilize the funds to expand its team, strengthen its computer architecture and expand its market adoption in other parts of India, European Union and Asia Pacific region.

Manish Singhal, founding partner of pi Ventures, reportedly stated that the company decided to fund SwitchOn owing to its clear vision in understanding the customer and technological needs. SwitchOn’s simplified solution for the performance bottle necks is a minimally invasive solution, which is much needed in the current industrial IoT market, he further added.

Apparently, pi Ventures is an early stage venture capital firm and has invested in several startup firms such as logistics company Locus.sh, healthtech firm SigTuple, blockchain startup OweMe to name a few.

As per industry experts, IoT market is estimated to record a valuation of $771.72 billion by 2026. Altizon and Oyo Rooms are some of the major Indian companies who have forayed in the industrial IoT industry.

Reportedly, the terms of deal have not been disclosed so far.


Source: https://inc42.com/buzz/pi-ventures-seed-funding-switchon/


About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

Related News

Sir Richard Branson to contribute £200M to stabilize Virgin Atlantic

Published Date: 2020-07-14         Author: Pankaj Singh

British business magnate Sir Richard Branson had reportedly announced that he intends to contribute a sum of £200 million as part of the £1 billion plan to stabilize Virgin Atlantic without taxpayers’ money. Sources state that he will use the funds raised by selling a £396 mi... Read More

The Electric Cycle Company announces plans to move to bigger premises

Published Date: 2020-07-13         Author: Pankaj Singh

After a successful launch of a £70,000 crowdfunding campaign to renovate its shop and workshop, the Scottish e-bike firm Electric Cycle Company has reportedly announced its plans to move to a 4000 sq. ft., carbon-neutral Edinburgh-based premise, which will be the largest e-bike shop in the UK.... Read More

Cipla launches generic version of Remdesivir at a price of ₹4,000

Published Date: 2020-07-10         Author: Pankaj Singh

Cipla Limited, the multinational pharmaceutical company, has reportedly launched a generic version of the remdesivir drug (Cipremi) at a price of ?4,000 per 100 mg vial, making it among the least priced COVID-19 treatment available across the globe. According to sources familiar with the knowledg... Read More

© 2020 Fractovia. All Rights Reserved