Irvine, California-based NetObjex, a Digital Twin Platform company with technology that leverages AI, Blockchain and IOT technologies, has announced that it has acquired Kerala, India-based Servntire Global, a blockchain startup focusing on future technologies such as Analytics, Cloud and IoT, to expand its product and customer base in the blockchain arena. Terms and financials of the deal were not disclosed.
Based out of Technopark Campus in Kazhakkoottam, a locality in Thiruvananthapuram city, the capital of the Indian state of Kerala, Servntire Global is a blockchain solutions provider having expertise in deployment of enterprise grade blockchain solutions in areas such as Fintech, Health Care, Agritech, Supply Chain etc., Servntire also work with and contribute to various platforms in the public and private chains.
According to Registrar of Companies [RoC], Ernakulam, the Directors or co-founders of Servntire Global Private Limited are Mahesh Rajagopalan Nair, Mohan Raman, Tittu Varghese, Georgey Punnilethu Jacob and Sreeraj Sudhakaran.
Prior to co-founding Servntire , one of its co-founders Mahesh was leading the marketing team of It startup Lines and Graphs, which got acquired by the diversified transnational business empire Beta Group in 2016. Tittu Varghese, on other hand is also a Blckchain Architect at Buying.com, a decentralized e-commerce network with direct to consumer MOQ plus Hyperlocal Micro-distribution.
Servntire claims to be one of the experienced blockchain dev-house in the market, building blockchain solutions ever since 2015.
About NetObjex, it is a Digital Twin Platform company with technology that leverages AI, Blockchain and IOT technologies. NetObjex has operations in North America as well as offices in India, South East Asia and representatives and partners in Latin America and the Middle East.
Post acquisition, the joint entity will now have Blockchain based product offerings in multiple vertical markets including Manufacturing, Supply Chain, Smart Cities, Fintech and more. The team’s experience will also span a wide variety of distributed ledger technologies including Ethereum, Hyperledger, Corda, Stellar, IOTA, NEM, BitShares and more, said the company in a press release statement.
“We are very proud to announce our acquisition of Servntire Global. This is a coming together of two companies with complementary skills, technologies and culture. We believe together we not only broaden our product offerings, but also now possess the depth and breadth of skills and personnel to engage and assist clients globally,” stated Raghu Bala, CEO of NetObjex.
“We are very happy to join the NetObjex family. This acquisition provides us a platform to accomplish bigger goals, with a broader reach. The market for distributed ledger technology is growing rapidly, and we believe the combined entity will be a formidable global player,” added Georgey Jacob, CEO of Servntire Global.
“We now have a very strong product offering that ties three key technologies (IoT, AI and Blockchain), and broad set of customer implementations of the platform across multiple domains and geographies. The next phase of our evolution would be to expand on this momentum,” noted Bala.
It may also be recalled that in April this year, Kerala Blockchain Academy (KBA) of Kerala state-run Indian Institute of Information Technology & Management has become the first Indian Institution to get membership of Hyperledger Project, an open source collaborative effort created to advance cross-industry blockchain technologies.
Blockchain Startups Activity in India
In March, Mumbai-based blockchain-based startup Nuo Bank had raised $250,000 in a seed funding from payment gateway firm PayU India’s chief executive officer Amrish Rau and managing director Jitendra Gupta.
In the same month, an another Mumbai-based blockchain startup Aetlo Tech, which was just a-year-old startup when got acquired by Page Solutions, a global banking and financial firm based out of UK.
In April, New York-based blockchain startup Consensys, which is founded by Joseph Lubin, who is the co-founder of the Ethereum, has signed a nonbinding agreement with Niti Aayog, a govt. of India’s policy think tank, to make blockchain prototypes across healthcare, education, land registry, supply chain, and more.
According to a report, blockchain startups across the globe have raised around $1.3 billion through venture capital (VC) funds alone, not counting other funding sources such as individual investors and institutions, or through initial coin offerings (ICOs). And when it comes to India, blockchain startups in the country have raised mere $5.3 million between January 2016 and April this year