Compression software startup AdStringO secures $350K funding from Indian Angel Network
Mumbai-based mobile compression software company AdStringO Software has raised $350K investment round led by IAN investor members Arihant Patni, Vishal Khare and Viswanath Ramachandran. AdStringO endpoint compression helps enterprises penetrate the rural market by providing solutions that enable ease in the on-boarding & servicing of customers.
The company will use the investment to strengthen the research and development team to discover other new useful possibilities and further build on its advanced and robust technology solutions as well as increase marketing awareness about this revolutionary product.
Floated in second half of 2014 AdStringO Software comes in at a time when increasingly corporates are going digital and tapping the most unexplored markets in rural India. With Digital India is aiming to build digital infrastructure to cover entire rural India by 2019, data will be central for this happen. At a time when India’s telecom infrastructure is still to get robust enough to provide 3G and LTE services, the hinterland is increasingly getting on the internet with 1G and 2G networks.
Mohan Chandrasekaran, Co-founder and CEO, AdStringO Software said, “We understand the challenge that not only Indian companies but even leading global enterprises are facing to find in-roads to the hinterland in India. Under the mentorship of some of the most experienced investors associated with the Indian Angel Network, we plan to quickly scale up and create a global proposition that can address this issue across levels.”
The brainchild of Mohan and Sankar Mahalingam -- AdStringO Software plays an important role of providing disruptive technology for rural markets, on the existing infrastructure. Mohan has over 18 years of Technology & SME both in India and overseas. His last stint was with Reliance Capital as a CTO and is a CIO100 Indian & Global Honoree.
Sankar has over 12 years of experience in the areas of software development, architecture and support and together they are a complementary team backed with a senior leadership team which has worked for years at Reliance Life Insurance & Reliance Capital.
Vishal Khare, lead IAN investor in AdStringO Software, commented on the funding, saying,
Indian Angel Network, looks to great high growth ventures by bringing money, mentoring and market access. We believe that AdStringO’s potential is to revolutionise the digitisation and transmission of data on the mobile for the large rural market. Its innovative compression technology ensures high quality data transmission from all categories of mobile devices. Truly life changing.
With AdStringO, field representatives or customers themselves can capture documents, images, audio & video using scanners, web-Cam & mobile phones then compress to 1/10th the file size, i.e., up to 96%, without losing aspect ratio and Meta data to initiate critical business processes at the transaction point itself.