Pune based IoT startup Altizon Systems has raised an investment of $4 million from a series of investors led by Wipro Ventures, the investment arm of Wipro. The other investors who participated in this Series A funding includes Lumis Partners, Infuse Ventures and the Hive.
Altizon develops IoT enabled platforms and solutions for enterprises. The company’s flagship IoT platform Datonis, the company claims, is the platform of choice for top enterprises in Manufacturing and Cleantech sectors for their IoT initiatives. Enterprises rely on Datonis for mission-critical applications around condition-based monitoring, predictive maintenance and machine learning.
The company plans to utilize the funds for scaling up its sales and marketing functions both in India and globally.
Altizon’s co-founder and CEO, Vinay Nathan says, “This milestone and the commitment from our investors validates the belief in the growth story of Altizon as a leading innovator in the Industrial IoT space. With this development, we plan to take Altizon’s value proposition globally and continue to invest in our innovation edge around the Datonis platform.”
“We are seeing increasing adoption of IoT technologies across our customer base. The Altizon investment represents our commitment to investing in companies building disruptive technologies,” said Biplab Adhya, Vice President and Co-Head, Wipro Ventures.
IoT or Internet of things is getting traction worldwide and is a growing area of business. Recently research firm IDC predicted the market to reach $1.7 trillion in next five years. Manufacturing, retail, healthcare and governance are the emerging sectors that have a huge promise for IoT.
Rohit Bhayana, Managing Partner of Lumis Partners, who will be joining Altizon’s Board stated, “Industrial IoT has a direct bearing on productivity, client satisfaction and market leadership and therefore, it’s not another ‘good to do’, but a ‘must have’. Altizon has the depth and agility that OEMs need in such a critical space and are delighted to partner with them in this journey.”