Mumbai-based smart home automation startup Picostone on Thursday announced that it has raised Rs 5 crore from US-based Metaform Ventures LLC. Headed by Nilesh Jain, this is Metaform Ventures third investment in India in the last one month.
Founded by Virang Jhaveri, Niket Sarvaiya and Priti Jain, Picostone is a home automation startup that focuses on affordable home automation solutions that are easy to install and use.
"Our vision with Picostone is energy management through affordable home automation solutions," said Virang Jhaveri.
Picostone products provide remote access and control of all home appliances like air conditioners, television, set-top box, lights, fans, geysers, motors and curtains through their app and it can easily be integrated with Alexa and Google Assistant to further enhance the experience. Picostone has tapped into the B2B and B2C segment with two products, Basic and Polar, and has a strong distribution network across 21 cities in India.
"The focus is on building a robust software, hardware and integrated platform to manage energy resources that are accessible to average middle-income homes across the globe, where energy savings matter the most," added Virang.
Speaking on the investment, Nilesh Jain said, "Picostone is working on developing cost-effective technologies in the home automation space with a vision to provide solutions that are high on energy savings and are easy to install. Picostone has established a strong presence across major metros and Tier I locations in India through a strong distribution network and is successfully running pilots with leading developers to provide smart home automation solutions in under-construction projects."
The company plans to utilise the funds for further research and development to provide complete home automation solutions, recruiting workforce across departments and on promoting its products across its audience.
According to a Statista report the market for smart homes was valued at $ 54.97 billion in 2016 and is expected to grow at a CAGR of 13.61 percent between 2017 and 2023. The key drivers contributing to the growth of this market include significant advancements in the IoT market, increasing need of the consumer for convenience, safety, and security, and rising need for energy saving and low carbon emission-oriented solutions.