Kochi, Kerala-based startup Tranzmeo, a new-age IT solution provider, has secured an undisclosed pre-seed round funding from Hindustan Petroleum Corporation Ltd (HPCL) for its flagship product called ‘T-connect OneView’, which is an Artificial Intelligence (AI) powered technology that detect and predict anomaly in petroleum pipeline.
Tranzmeo will utilize the raised money to accelerate R&D of its proprietary technology and product line-up, bolster business development opportunities, and to double the company headcount over the next 12 months. HPCL will also get board seats in the company.
Tranzmeo, which is a NASSCOM 10,000 incubated startup, has already launched a beta version of T-Connect and it currently analyses 508 km of HPCL’s petroleum pipeline for anomaly detection and prediction.
T-Connect is a self-learning, data-driven, comprehensive anomaly forensics application that runs on data streams to impact energy industries including petroleum industry.
Founded in 2017 by engineer turned entrepreneur Safil Sunny, Tranzmeo has developed T-connect as an auto fault detecting system that streams through real-time machine data to learn machine behaviour and predict anomalies. The application is capable of classifying the kind of failure from the incoming data stream and generate alerts.
The startup has also rolled up its sleeves to on-board more tech talent to speed up operations. In the next one year, Tranzmeo plans to further strengthen its leadership team, improve customer experience of existing product line up and outgrow the start-up tag.
Just to recall, besides HPCL other petro firms are also involved in supporting startups in India. In August, ONGC, an another oil-based Public Sector Unit, had launched a Rs 100 crore Start-up fund followed by Rs 30 crore startup fund scheme by Indian Oil Corporation.
[Top Image – Twitter.com/BloombergQuint]
Source – Business Line, Economic Times
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