Enterprise IoT solutions startup Tyre Express has raised an undisclosed amount in seed round from IvyCamp. Tyre Express is co-founded by an alumni team from SP Jain and Saïd Business School (University of Oxford). Tyre Express is also part of NASSCOM 10000 Startups and is supported by Microsoft’s BizSpark program.
Navi Mumbai-based Tyre Express is working on IoT-based solution for vehicle diagnostics and has developed a platform to track and monitor performance of tyres in real-time for fleet operators. The platform enables a fleet operator to enhance tyre life, improve fuel efficiency, reduce incidence of accidents and improve the overall operational efficiency for the fleet. Tyre Express targets working with Fleet operators who would like to actively leverage technology to improve operational efficiency. They are also collaborating with Tyre OEMs to improve service offerings to institutional clients.
“The investor from IvyCamp platform, who is an IIT-Delhi and Wharton Alumni, based in New York, said “A comprehensive study of the landscape ,a first mover advantage and a highly efficient founding team of TyreExpress has excited me to participate in this IvyCamp led initiative. I am very happy to be part of the highly energetic TyreExpress team.”
“IvyCamp leverages the Global Alumni Networks to help entrepreneurs. The platform provides access to a network of mentors and investors and offers a great support in a targeted manner. IvyCamp also connected us with NASSCOM during the first edition of RIOT event”, said Brijesh Shukla, Cofounder Tyre Express.
Commenting on the announcement, Anju Gupta, Co-founder and President at IvyCamp, said, that IvyCamp is able to engage with start-ups from a variety of industries and connect them to our Global Alumni network. The recent investments on the Platform across different sectors shows how valuable our Alumni network is in sourcing, mentoring, evaluating, and investing in the Startup Ecosystem by leveraging our connects inside and outside India.
“We have a dedicated focus on the deep tech and IoT verticals here at IvyCamp. But there hasn’t been too much support for early stage IoT and hardware startups in the Indian eco-system but we feel that new sensor technologies and information infrastructure development will augment the Indian IoT startup story and we will find many more such investment transactions happening in this space.” Said Adhiraj Banerjee, Executive Director IvyCamp.
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