UK-based technology company Ignitho Technologies helps enterprises frugally build products and solutions that help them scale.
Startup: Ignitho Technologies
Founders: Roney Soloman, Jijo Olassa and Vinoo Thomas
Year it was founded: 2013
Where is it based: London
Sector: IT Solutions and Cloud
Funding raised: Seed
It isn't uncommon for friends and colleagues to catchup after work, and it was during one such session that Roney Soloman, Jijo Olassa and Vinoo Thomas came up with the idea of Ignitho.
With over three years of experience in the IT industry, the three believed there was a need to establish a company that brought in technology and next generation products for the enterprise industry.
Digital technology solutions company Ignitho Technologies was set up in 2013, and is headquartered in London. The company makes and builds frugal technology innovation for enterprises. It also helps build solutions that have the potential to scale up into standalone products that can be incubated within Ignitho Ventures, and rolled out for standalone product companies
The idea is to help companies build more with lesser efforts, and come up with better business decision making using technology. The company’s centres in UK and Kochi work with different organisations to co-ideate and co-create ideas that help build prototypes, and even proof of concepts.
What does it do?
With expertise in Microsoft Technologies, Ignitho’s USP lies in connecting and communicating through various forms of middleware and API-driven services to leverage applications, and to give clients a scalable robust system.
What this essentially means is that it helps companies with rapid prototyping to help them build different ideas on limited budgets for the web and mobile. These include working on new technologies like Machine Learning and Augmented Reality.
“We already have a successful track record of delivering innovative products based on Artificial Intelligence, Machine Learning and AR/VR through our own innovation platform called Ignitho Innovation Labs,” says Jijo.
Ignitho Innovation Labs collaborates with companies to co-ideate and co-create. Jijo explains solutions that have the potential to scale up into standalone products are incubated within Ignitho Ventures.
The tech company also offers scalable solutions for software application development, continuous enhancement, and ongoing support for the web and mobile.
“These products will be created by our internal teams with support from our peer group and our extended network, thereby building entrepreneurs and stakeholders giving the angle of wealth creation, and wealth sharing for every team member, or Ignitors as we call ourselves, staying true to Ignitho’s ethos of entrepreneurship and partnership,” says Jijo.
Workings and revenue
He adds Ignitho collaborates on the Frugal Innovation Methodology with Professor Jaideep Prabhu at the University of Cambridge, Judge Business School, and co-author of Frugal Innovation: How to Do More with Less.
Currently, Ignitho has offices in London and Kochi, and is looking to set up offices in the US. The company has over 100 employees.
It is a part of the National Association of Software and Services Companies (Nasscom), and an active participant in the initiative of Kerala Startup mission. It claims to be working with the likes of BodyPower, CrowdInvest, Oxford Innovation, and Palmer and Harvey, to name a few.
In 2016, the company’s revenue was around £100,000. In 2017, the revenue rose a sharp 250 percent, and Ignitho is expected to double this in 2018.
Market and future
According to Forbes Magazine, the cloud solutions market is pegged to be worth $411 billion by 2020 and B2B cloud companies’ revenues are seeing close to 23 percent compounded annual growth.
Hence, the need for organisations to grow and build products that can scale and go to market faster is important.
Some of Ignitho’s competitors include Happiest Minds, which is believed to have an estimated revenue of $600 million, QBurst, a testing and outsourcing solutions partner for startups, which also has an estimated revenue of $600 million, and SapientNitro, which has an estimated revenue of $1.3 billion.
Ignitho is in early conversations for £2 million to £3 million in funding from the UK investment community. Talking about the future plans Jijo says:
“Ignitho’s Vision 2025, is to have 20 successful product companies by the year 2025 and take five out of that to IPO. We plan to roll out these 20 product companies through our Ignitho Ventures platform and with support from Ignitho Labs platform.”