Hero Electronix, an emerging tech unit of Hero Group, has made its foray into the Internet-of-things (IoT) space with the acquisition of Gurgaon-based enterprise IoT startup Zenatix. The financials of the deal remain undisclosed however.
As part of its fourth acquisition since its inception in 2015, Hero Electronix bought out all investors allowing investors — Blume Ventures and Pi Ventures, make a decent exit. The other investors of Zenatix include Snapdeal co-founder Kunal Bahl, Rajan Anandan and Rohit Bansal.
The acquisition comes more than a year after Zenatix had raised $1.18 million of funding in a round led by Pi Ventures with participation of Blume Ventures, in February 2017.
In December 2015, the startup had raised undisclosed amount from Blume Ventures and Investopad. In total, Zenatix has raised $1.4 million in four rounds.
Founded in 2013 by Amarjeet Singh, Rahul Bhalla and Vishal Bansal, Zenatix is an energy data analytics company that provides energy management and analytics solutions.
In 2016, Zenatix launched its flagship IoT product called WattMan, which is a combination of IoT and AI helping large retail chains (e.g. supermarkets, QSR, apparel stores etc.) and Banks (for their branches and ATM) in improving their energy efficiency and automate other manual operations.
WattMan IoT involves installing sensor (such as energy meters, temperature sensors), controllers (ruggedised for India and emerging economies that experience power failure, voltage fluctuations and intermittent network connectivity) and actuators (that help complete the loop and control assets such as Air Conditioners, Kitchen Exhaust, ATM, Modem). Collected data (at high resolution) is also analysed to provide predictive and preventive maintenance alerts in real time for all business critical assets.
While we use IoT and big data analytics to introduce automation for retail and BFSI customers, through our partnership with Hero Electronix, we aim to expand these solutions to new areas and segments. The Indian IoT market is still at a nascent stage and with Hero Electronix as our partner, we aim to scale up to the next level,” said Rahul Bhalla, CEO, Zenatix.
With the acquisition of Zenatix, Hero Electronix is looking to invest Rs 300-400 crore in IoT including consumer products, which it plans to launch later this year. The company is targeting Rs. 1000 crore from the business.
Formed in 2015, Hero Electronix is the group’s venture into the new technologies space. Sine its inception, the company has entered the semiconductor engineering sector with investment in Tessolve Semiconductor, and has acquired MyBox, a set-top box manufacturing company.
The above news was first reported in Economic Times.
[Top Image – Zenatix Co-founders | Via – TechInAsia.com]