[Funding alert] Industrial IoT startup Syook raises funds from IP Ventures for international expansion
Industrial IoT startup, Syook, on Monday said that it has raised an undisclosed amount of funding from IP Ventures. The company plans to use the funds to ramp up its sales and operations in India, and also expand to the Middle-East and South-East Asian markets.
Founded in 2016, Syook is an Industrial IoT platform started by IIT and Schlumberger alumni Arjun Nagarajan, Saurabh Sharma and Aman Agarwal. Syook uses its proprietary IoT platform to provide micro-location for people and other critical assets to industry sectors such as manufacturing, automobile, healthcare, education and defence.
Speaking on the funding, Arjun Nagarajan, Co-founder of Syook, said,
“We're really excited to partner with IPV as we continue to make inroads into digital operations management with our full stack Industrial IoT product, Syook InSite. We believe that their extensive networks will provide us with the right leverage, catapulting us to a leadership position in the ongoing Industry 4.0 revolution.”
Syook’s RTLS (Real Time Location System) empowers organisations to improve safety, productivity, compliance and asset utilisation.
Commenting on the investment, Aman Agarwal CTO of Syook said,
“We are building a modular, scalable and robust product that gives organizations visibility in their operations. The system is highly configurable and caters to a number of use cases. We use Machine learning to give our customers a competitive advantage when it comes to optimizing operations.”
While, Pramod Gupta, an active angel investor at IPV said,
"Syook helps organisations enhance the safety of their people and productivity of their assets by enabling real-time indoor location. Their proprietary technology not only enables location where traditional positioning systems like GPS don’t work; but also helps with notifications, analytics, task monitoring and emergency response. I see a huge market for this in manufacturing and supply chain management, not just in India but globally."
The startup states that the RTLS market is currently worth about $1.9 billion and is expected to be worth about $10.1 billion by 2025 with a CAGR of about 25 percent.