Nagpur, Maharashtra-based Tsecond Generation Technology Pvt. Ltd., an Internet of Things (IoT) startup incubated by Indian Angel Network‘s Incubation and Mentoring Services and Nagpur Angels, has raised approximately US$370,000 in a fund round led by a US based Tech Fund, LEPL USA, Inc., a wholly owned subsidiary of US-based FutureTech Holding Company, reported The Hitavada, a regional daily.
Other investors who participated in this round includes Jayant Chopde, CEO at Emergys Corporation, John Janakiraman – CTO at Emergys Corporation and Jai Shankar, CSO/Founder of Emergys Corporation.
With this funding, the total funding raised by Tsecond counts close to US$750,000.
Founded in 2014, by Sahil Gurucharan Chawla, Tsecond provides innovative solutions to problems by doing Research & Development to come up with innovative electronic products. besides, the startup also provides consultation and development services for customized electronic hardware solutions.
Tsecond has developed an IoT-based Fuel Monitoring System called ‘E-Funnel‘. The IoT devic can be installed at the inlet of fuel tanks that gives real-time notifications of fuel events. The US patent has been granted to the product.
All the data can be accessed on real-time basis by a beautifully designed , easy to use application on your smartphone or through a web application. It works for fuels, chemicals and oils.
The startup is technically supported by Napino Auto Electronics Ltd, a Gurugram-based leading manufacturer of power and auto electronic products that manufactures components for several automobilee giants including Hero MotoCorp, Honda, Audi, Ford, Mahindra, Cummins and Suzuki etc.
Sahil, in a message to budding entrepreneurs, said “We faced tough times related to product development, team and funds, but as the old saying goes. Tough times don’t last but tough people do and so does the startup / company. When I chose the path of entrepreneurship I decided that there is no turning back. Turning your idea into reality takes lot of efforts. Sometimes I felt as if there are a million disassembled pieces of a puzzle and I have to complete it without an image, the image of the complete puzzle you hold is only in your mind.”
Recent Funding of IoT-based Startups
This month only, an another Industrial IoT startup Sparkyo Technology Pvt. Ltd., which owns and operates Syook, a real-time location intelligence System, had raised an undisclosed amount in funding from Inflection Point Ventures (IPV), an early stage investing platform and a sub-initiative of CXO Genie.
In April, Pune-based Altizon Inc, which is also an Industrial IoT platform addressing the manufacturing industries, had closed its series A+ funding round of $7 million, led by TVS Motor Company (Singapore) Pte. Limited, the Singapore based Subsidiary of TVS Motor.