startup funding

Smart Locks making Startup OpenApp Raises $1.3 Mn from Karnataka Govt’s VC Fund and Unicorn Ventures

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Smart Locks making Startup OpenApp Raises $1.3 Mn from Karnataka Govt's VC Fund and Unicorn Ventures

Bangalore-based Open Appliances Private Limited (OpenApp), an IoT-based startup that designs, develops and sells revolutionary smart locks, has raised at least $1.3 million (Rs 8.5 crore) in pre-Series A funding from Unicorn India Ventures and the Karnataka government’s venture capital fund KARSEMVEN, VCCircle reported.

OpenApp’s existing investors imcluding Axilor Ventures and SaaS firm Zoho’s co-founder, Kumar Vembu, also participated in the round, said the report citing OpenApp co-founder and chief executive Gotama Gowda.

The startup will use 80% of freshly raised funds in developing marketing and sales operations and remaining 20% of it will be used for product development,

The startup had earlier raised $550,000 from Axilor Ventures and Kumar Vembu, in November 2017.

Founded in 2015, OpenApp’s smart lock solution serves as a Wi-Fi access point, emitting its own signal, which enables a smartphone in a remote location to connect to its network and then operate it. The lock can be opened remotely using OpenApp’s mobile app and an alert is sent out every time it is unlocked or in case of a threat.

Smart Locks making Startup OpenApp Raises $1.3 Mn from Karnataka Govt's VC Fund and Unicorn Ventures

The startup’s IoT locks have been used across 16 Indian states and two countries in Africa and according to the CEO, the startuo is now looking to scale its software product and aims to deploy 100,000 devices across Africa and Asia

KARSEMVEN (Karnataka Semiconductor Venture Capital Fund) is a venture capital fund which has a corpus of Rs. 92.95 crore to invest in companies within Karnataka. It typically makes investments in the range of Rs 2-5 crore and has received commitments from Small Industries Development Bank of India (SIDBI) among others.

Last year in September, Graphene, which was a
KARSEMVEN-backed startup, got acquired by L&T Technology Services Limited, a leading global pure-play engineering services company and subsidiary of Larsen & Toubro Limited.

Besides KARSEMVEN, Karnataka government also rund Karnataka Information Technology Venture Capital (KITVEN) fund which — in February last year — invested in Pandorum Technologies, a
Bengaluru based biotech startup famous for developing India’s first artificial 3D printed liver tissue,

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Vardaan
Founding editor at IndianWeb2, he's been writing at IndianWeb2 since 2007. Apart from blogging he had a professional career of software developer, Ux developer and search engine marketer in past. His vision of IndianWeb2 has been laid down so as to showcase, encourage and propagate Indian startups, innovation and entrepreneurship ideas.

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