IIoT Start-up Syook Raises Fund from Inflection Point Ventures for Expansion

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Syook’s real time location system (RTLS) enables companies to enhance productivity, safety, compliance and asset utilisation

Syook, an Industrial Internet of Things (IIoT) start-up, announced that it has secured an undisclosed amount of investment from Inflection Point Ventures to expand its operations in India.

The start-up will utilise the fresh funding to scale up its operations in the country as well as to the Southeast Asian market.

Speaking on the development, Arjun Nagarajan, co-founder, 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,” he added.

Huge market potential

Pramod Gupta, an active angel investor at Inflection Point Ventures commented, “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,” he added.

Operated by Sparkyo Technology, Syook was founded by Nagarajan, Aman Agarwal and Saurabh Sharma in 2016. Syook uses its platform to offer real-time micro-locations for people and other vital assets in various segments including defence, manufacturing, automobile, education and healthcare.

Syook’s real time location system (RTLS) enables companies to enhance productivity, safety, compliance and asset utilisation.

Currently, the RTLS market is worth around US$ 1.9 billion and is likely to be worth US$ 10.1 billion by 2025, growing at a compound annual growth rate (CAGR) about 25 per cent.

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