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/