Pune-based Altizon Inc, a global Industrial IoT (IIoT) platform company addressing the manufacturing industries, today announced the closure of its series A+ funding round of $7 million. This important round was led by TVS Motor Company (Singapore) Pte. Limited, the Singapore based Subsidiary of TVS Motor Company Limited and participated by existing investors The Hive, Wipro Ventures, and Lumis Partners.
Altizon plans to use the funds to strengthen its international presence and continue its investments in IP development. Altizon’s Datonis Industrial IoT platform addresses the breadth of industrial IoT needs from intelligent edge computing to business applications for smart manufacturing.
With the latest funding, Altizon raised a total of about $11 million in five rounds. The startup had earlier raised undisclosed amount in July 2018 from a non-equity assistance round. Prior to which, it had raised $4 million in Series A funding round led by Wipro Ventures, the $100-million venture capital arm of India’s third largest software exporter Wipro, in February 2016.
“The Industrial IOT market continues to expand at a rapid pace and this investment brings on board TVS Motor Company which is the flagship company of the multi-billion $ TVS Group, with deep experience building companies in the industrial sector,” said Vinay Nathan, CEO of Altizon. Vinay further added, “We have a strong roster of global industrial majors as our customers and they can now gain further benefit from our global footprints and enhanced technology offerings.”
Rajesh Narasimhan, Board Member of TVS Motor Company and CEO of TVS Motor (Singapore) quoted “After detailed assessments around industrial IOT platforms we found Altizon’s technology portfolio of definitive value in driving digital transformation with Industrial IOT. We are hence delighted to invest and have the opportunity to partner them in their exciting journey of growth and market leadership. This is amongst our first set of investments in digital start-ups focused on the Automotive and Fintech Industries.”
TVS Motor (Singapore) Pte. Limited, headquartered in Singapore is the wholly owned subsidiary of TVS Motor Company that is being leveraged to operationalize a digital technology startup focused on the Automotive and Fintech industries with portfolios and offerings that will deliver high quality solutions to help address real life business challenges by harnessing the power of Analytics, Artificial Intelligence (AI), Augmented Reality (AR), Internet of Things (IoT), Machine Learning (ML) and Virtual reality (VR). The strategy adopts both inorganic and organic means for the initial build out and subsequent expansion and growth.
Founded in 2013, by Ranjit Nair, Vinay Nathan and Yogesh Kulkarni, Altizon is an Industrial IoT company empowering Industrial Digital Revolutions globally by helping enterprises use machine data to drive business decisions. With a global footprint of over 100 enterprise users, Altizon is recognized by Gartner in its Magic Quadrant for IIoT Platforms and by other analyst firms including Forrester Research, Frost & Sullivan, VDC Research and BCG.
TVS Motor Company is a public listed company headquartered in India. It is a highly reputed two and three-wheeler manufacturer, and the flagship company of the USD 8.5 billion TVS Group. Rooted in the 100-year legacy of Trust, Value, Passion for Customers and Exactness, it takes pride in making internationally aspirational products of the highest quality through innovative and sustainable processes. TVS Motor Company is also the only two-wheeler company to have received the prestigious Deming Prize. It is the third largest two-wheeler manufacturer in India and ranks in the top 10 globally. The company has an excellent track record with innovation and quality and is the market leader in customer service.
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