[Funding alert] IIoT platform Altizon raises $7 M in Series A led by TVS Motor's S'pore subsidiary
Pune-based global industrial IoT platform will be using the funds to strengthen its international presence.Sindhu Kashyaap
Pune-based industrial IoT platform Altizon has raised Series A funding of $7 million. The round was led by TVS Motor Company (Singapore) Pte. Limited, the Singapore based Subsidiary of TVS Motor Company Limited, and also saw participation from existing investors The Hive, Wipro Ventures, and Lumis Partners.
The funds will be primarily used to strengthen its international presence and continue the company's investments in intellectual property (IP) development. The company's industrial IoT platform addresses all industrial IoT needs like edge computing to business applications for smart manufacturing.
In a press statement, Vinay Nathan, CEO, Altizon said: “The Industrial IoT market continues to expand at a rapid pace and this investment brings on board TVS Motor Company, which is the flagship company of the multi-billion dollar TVS Group, with deep experience building companies in the industrial sector. We have a strong roster of global industrial majors as our customers and they can now gain further benefit from our global footprints and enhanced technology offerings.”
Speaking of their investment, Rajesh Narasimhan, Board Member of TVS Motor Company and CEO of TVS Motor (Singapore) said in the press release: “After detailed assessments around industrial IOT platforms we found Altizon’s technology portfolio of definitive value in driving digital transformation with Industrial IoT. We are hence delighted to invest and have the opportunity to partner them in their exciting journey of growth and market leadership. This is among our first set of investments in digital startups focused on the Automotive and Fintech Industries.”
The factories in India and their machines are getting smarter. At Mahindra & Mahindra's Nashik plant, there are robots building car body frames and a similar scene plays out in Pune at the Tata Motors plant. Plants operated by Godrej and Welspun use the Intelligent Plant Framework provided by Covacis Technologies to run their factory floors.
The IPF connects every machine node in a factory and understands the rate of work and efficiency. The aim of the framework is to let the corporate cut down on wastage and organise production flows.
Robotics and machines connected over a network are big bets for product companies like Cisco, IBM, SAP, and Microsoft. It is an equally big business for system integrators like Infosys, TCS, and Wipro. Startups like Altizion and Entrib are playing a major role in this connected factory ecosystem with their device-based factory solutions.