The fresh funding comes after three years when Altizon raised US$ 4 million in 2016 from Wipro Ventures, The Hive, Lumis Partners and Infuse Ventures
Industrial IoT platform company Altizon Inc, announced that it has raised US$ 7 million as part of its Series A funding round, led by Singapore-based arm of TVS Motor Company.
In addition, the funding saw participation from the company’s existing investors such as Wipro Ventures, The Hive and Lumis Partners, among others.
Altizon is planning to use the funding to bolster its global presence and continue its investments in development of IP, the company said in a statement.
The company’s platform – Datonis Industrial IoT addresses a range of IIoT requirements spread across intelligent edge computing to the business applications for smart manufacturing.
Commenting on the development, Vinay Nathan, CEO of 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 multibillion-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,” he added.
Driving digital transformation
Rajesh Narasimhan, Board Member of TVS Motor Company and CEO of TVS Motor (Singapore), commented, “After detailed assessments around industrial IoT platforms we found Altizon’s technology portfolio of definitive value in driving digital transformation with Industrial IoT.”
Narasimhan further said, “We are hence delighted to invest and have the opportunity to partner them in their exciting journey of growth and market leadership. This is amongst our first set of investments in digital start-ups focused on the Automotive and Fintech Industries.”
The fresh funding comes after three years when the company raised US$ 4 million in 2016 from Wipro Ventures, The Hive, Lumis Partners, and Infuse Ventures.
Founded by Ranjit Nair, Yogesh Kulkarni and Vinay Nathan in 2013, Altizon helps the enterprises in using machine data for driving business decisions with the aim to allow digital transformation by accelerating the smart manufacturing initiatives, adopting new business models for service delivery and modernising asset performance management.