Delhi-startup Fareye raises Rs 2 crore funding from Indian Angel Network

Delhi-based startup Fareye has raised Rs 2 crore from Indian Angel Network. IAN investors, Nitin Jain and Piyush Chawla led the investment round in the start-up. Jain and Chawla will also join the Fareye board, said a statement. Fareye is company which built India's first Desi GPS based vehicle security device.

Fareye will use the investment primarily for three things - upgrade sales, enable aggressive client acquisition and product development. "We plan to improve our technology focus so that we can operate on a bigger scale and employ the right talent to help us achieve the goals that we have set up for ourselves," said Kushal Nahata, co-founder of Fareye.

Fareye (pronoounced as 'far eye') offer products like GPS Vehicle tracking system. It gives you a web based, centralize tracking tool to keep track of your personal vehicle/fleets. Ignition alerts and anti-theft SMS alerts are amongst the most popular features of FarEye. FarEye provides comprehensive mapping and reporting capabilities allowing fleet owners to compare their business expectations against actual business events for more effective operational management, saving time and money.

FarEye provides you the exact location of your personal vehicle or fleets on the map along with information's like ignition status, distance, speed, fuel levels, ac status, etc. every 20 seconds. Customers can check status using our Mobile Application, through our website or via SMS.

Fareye is child company of RoboticWares Pvt. Ltd estabilished in 2009 by Gaurav Srivastava, Gautam Kumar, and Kushal Nahata. RoboticsWares is a registered incubatee at KIIT - Technology Business Incubator situated at KIIT University, Bhubaneswar supported by National Science & Technology Entrepreneurship Development Board, Department of Science and Technology, Government of India.

RoboticWares own all IP rights and copyrights of the hardware design, software and firmware. RoboticWares is the only Indian company to design, develop and and manufacture GPS tracking system, indigenously in India.

RoboticWares was awarded a position on the Top 75 start-ups of India by MIT, America for the year 2009-10 and is one of the fastest growing technology solutions company in South Asia.

Gautam Kumar, one of the chief Trainers and a founder member of RoboticWares was awarded the Social Innovator of the Year (India) by Massachusetts Institute of Technology, US. He received this honor for innovating LPG gas detection system that senses LPG leakages and sends SMS alert to people connected with the device.

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