Just a week after investing in Pune-based Industrial Internet of Things (IIoT) startup Altizon Inc, TVS Motor Company today announced that it has invested $3.85 million in Series A round of funding of TagBox, a Bangalore-based IoT and Analytics solutions startup catering Cold Chain Logistics supply chain market, reported Business Line.
The fund round was led entirely by TVS Motor Company and its Singapore-based subsidiary TVS Motor (Singapore) Pte. Limited, which led the $7 million series A+ funding round of Altizon, in late last month.
TagBox plans to use the funds to strengthen product innovation and R&D, while expanding its global footprint. The startup, which uses IoT, Machine Learning and Automation for its solutions offerings, will continue to invest in its BoxLens and AssetLens platforms and develop new predictive analytics and automation solutions to solve various customer use cases.
Tagbox was founded in 2016 by Adarsh Kumar, Sameer Singh and Saumitra Singh. It was started with the vision of enabling organizations to make their Supply Chains more reliable using IoT based monitoring, Advanced Analytics and Automation & Control. Accordding to the company website, the name ‘TagBox’ itself comes from the fact that the company wants to cost-effectively and reliably tag any supply chain shipment at the highest level of granularity (box), monitor its health real time and ensure that the shipments’ quality is not compromised.
The startup is working with Retail, Pharma, F&B, Dairy and Glass companies in India and APAC.
speaking on investment in Tagbox, Rajesh Narasimhan, Board Member of TVS Motor Company, and CEO of TVS Motor (Singapore), said,”We evaluated many companies providing IoT solutions in the Supply Chain and logistics space and found TagBox’s product offerings and solutions to be an unique blend of IoT, Machine Learning and close-loop AI.”
TVS Motor’s investment in Tagbox is part of the initial set of investments being made in strategically relevant digital startups. In August last year, Bengaluru-based electric vehicle (EV) startup, Ultraviolette Automotive Pvt Ltd, had received an additional investment of ₹6 crore from TVS Motor, who bought a 14.78% stake in Ultraviolette Automotive Pvt Ltd., in December 2017.