Bangalore-based Industrial Internet of Things (IIoT) startup Sparkyo Technology Pvt. Ltd., which owns and operates Syook, a real-time location intelligence System, has raised an undisclosed amount in funding from Inflection Point Ventures (IPV), an early stage investing platform and a sub-initiative of CXO Genie.
The startup plans to use the fresh capital to scale up its operations in India, apart from expanding to the Southeast Asian market, reported VC Circle.
Founded in 2016 by Arjun Nagarajan (IIT Guwahati), Saurabh Sharma and Aman Agarwal (IIT Madras), Syook is an Industrial IoT solution that uses Bluetooth Low Energy (BLE) beacons to generate highly-accurate location data of all your resources, both assets and people, at much lower costs than comparable technologies.
The startup’s flagship product, ‘Syook InSite’, is a real-time location system that allows businesses to visualize their operations. Based on Syook’s proprietary Indoor Positioning Engine, it provides information that translates into a positive impact on the bottom-line through productivity gains, safer environments and better compliance.
Founded in 2017, IP Ventures is a sub-initiative of CXO Genie, a networking platform for executives. Its founding members include former Myntra CFO Dipanjan Basu and BookMyShow finance head Mitesh Shah. Currently, it has 250+ angel investors including CXOs and HNIs.
Based out of Gurgaon, IP Ventures’ portfolio of investments include Fitso, Intugine and Wishup ammonng others.
To recall, an another Industrial IoT startup, Altizon Inc, had recently closed its series A+ funding round of $7 million, which was led by TVS Motor Company (Singapore) Pte. Limited, the Singapore based Subsidiary of TVS Motor Company Limited, with participation of existing investors The Hive, Wipro Ventures, and Lumis Partners.
Last month, TagBox, a Bangalore-based IoT and Analytics solutions startup catering Cold Chain Logistics supply chain market, also raised $3.85 million in Series A round of funding, which was also led by TVS Motor.