TagBox plans to use the funds to strengthen product innovation and R&D, while expanding its global footprint.
TagBox, a Bangalore-based IoT and Analytics solutions startup catering Cold Chain Logistics supply chain market, has raised $3.85 million in Series A round of funding led by TVS Motor Company and its Singapore-based subsidiary TVS Motor (Singapore) Pte. Limited.
TagBox plans to use the funds to strengthen product innovation and R&D, while expanding its global footprint.
The company said in a press release that it will continue to invest in its BoxLens and AssetLens platforms and develop new predictive analytics and automation solutions to solve various customer use cases.
Commenting on investment in Tagbox, Rajesh Narasimhan, Board Member of TVS Motor Company, and CEO of TVS Motor (Singapore), said, “We evaluated many companies providing IoT solutions in the Supply Chain and logistics space and found TagBox’s product offerings and solutions to be an unique blend of IoT, Machine Learning and close-loop AI.”
TVS Motor investing in digital startups
TVS Motor’s current investment in Tagbox is part of the initial set of investments being made in strategically relevant digital startups, according to Narasimhan.
Last month, TVS Motor Company had invested $7 million in Pune-based Industrial Internet of Things (IIoT) startup Altizon Inc in series A+ funding round.
In August last year, Bengaluru-based electric vehicle (EV) startup, Ultraviolette Automotive Pvt Ltd, had received an additional investment of ₹6 crore from TVS Motor, who bought a 14.78 percent stake in the company in December 2017.
(With inputs from Business Line and IndianWeb2)
