Chariot, a New Delhi-based, ingenious startup has recently raised Rs. 2 crore from GEMs partners, a venture capitalist, in a Pre-Series A funding round. The funds are aimed to serve existing and future clients of Chariot. The funds will go in product development and market expansion related to IoT.
Speaking on the occasion, Nilay Mehrotra, Co-founder & CEO, Chariot said, “Raising investment for the first time marks a significant milestone for our start-up, at the core of which lies a dual ecosystem of Internet of Things (IOT) and Artificial Intelligence (AI). Within only one year of inception, Chariot has started working with large corporates and listed giants in India and across the globe. This investment by GEMs Partners will help us in further consolidating our reach at the global level, upgrading in-house technology platform, infrastructure and products, and also in pushing internal growth.”
Chariot’s IoT platform delivers comprehensive Platform-As-A-Service (PaaS) and Software-As-A Service (SaaS) solutions for rapidly developing and operating big data, predictive analytics, and so on. Chariot platform has the potential to cater any industry requiring IoT solutions; however, as of now, the start-up is focused on catering the needs of Utilities, Industrial/Manufacturing, and Transportation sectors.
According to Mr. Aditya Gupta, GEMs Partner, “IoT will become an integral part of our day-to-day lives! It is the future – in both homes, office & industries. It will also be the foundation as we move towards ‘smart cities’.
Chariot who had worked on one-of-its-kind Smart Water Metering project in Maharashtra is entering into Automated Parking Systems, Smart Gas Management, Smart Waste Management, and so on.
Raj Garg, Co-founder & CTO, Chariot adds, “At Chariot, we believe harnessing the power of technology is the key to sustainable world, as we see a marked increase in the use of IoT integrated products and devices across the globe. Our products are designed to exemplify the intelligence of AI and efficiency of Machine Learning, all of which are being combined to formulate a smart ecosystem providing real-time data insights for the tasks at hand.”