IoT entrant Beyond Evolution secures seed funding
Beyond Evolution, a mobile app development and IT Solutions company, has secured seed funding from angel investors, including Vineet Taneja, former Micromax CEO, and Kamal Puri, Chairman of Skyline Group. The fresh capital will be deployed towards its newly launched IoT platform BeConnected and a slew of smart home devices that will be operating on it.
Beyond Evolution was launched in 2013 by Saurabh Sharma, an engineer and MBA by qualification and an entrepreneur by passion.
Talking about the launch of their upcoming IoT product, a smartplug called Betty, CEO and Co-founder Saurabh said,
Our endeavour is to develop IoT products that provide real value to the consumer, are simple to use, and are at a highly affordable price, so that they can be adopted by all. Our product enables a consumer to remotely monitor and control any household appliance from his/her mobile from anywhere, thereby bringing tremendous convenience and ease into his/her life. We wanted to make a device that can be bought and used with what we own now, without having to wait for higher end technology or upgrades in the future.
Elaborating on the journey, Saurabh added that, after demonstrating capabilities in enterprise machine to machine solutions, they embarked on IoT, and then combined it with their mobile app expertise to develop indigenous IoT consumer products that are super-easy to use and implementable with the current telecom connectivity environment.
The company is also working on, and will soon be launching, an array of products that will help the customers use the new features without the need of upgrading their technology. And in order to provide remote connectivity, BeConnected, which is still in the beta stage, will be launched by next month.
Overview of the IoT sector
It is estimated that there will be 80 billion connected devices by 2020. Cisco’s venture capital arm, Cisco Investments, which is reportedly increasing its investment in IoT startups, projects that the IoE industry can be a $14.4 trillion market by 2022.
In the Indian market, IoT has been rapidly growing. A report by Transparency Market Research predicts that the global wearable technology market will reach $5.8 billion in 2018, up from a valuation of $750 million in 2012. This translates to a CAGR of 40.8 percent from 2012 to 2018. The healthcare sector is apparently the top sector being revolutionised by IoT, followed by the home automation segment.
According to Machina Research data, the global market for IoT in 2020 will be worth $373 billion in revenue, and India will account for $10–12 billion of this total.