Bert Labs, an artificial intelligence company which uses Internet of Things to enable companies in improving energy efficiency, has raised $1 million from Katkar Family Office, Kailash Katkar and Sanjay Katkar, founders of Quick Heal Technologies, an Indian cybersecurity software firm, the company said in a statement.
Investor Jeevan Patwa also participated in the round as part of a $3 million bridge funding round that will close this month. The company will use the funds to double its team by the end of the current fiscal, acquire more customers and increase its presence in markets outside India, Bert Labs said. The company is looking to expand its innovation, product, and platform portfolio while also eyeing global growth, the company said.
The company aims to grow 500% on a year-on-year basis over the next five years and is looking for an initial public offering (IPO) in the US by 2024-25(FY25) or 2025-2026(FY26), it said.
The company will rely on internal accruals and institutional funding to fuel expansion in its research and development, project installation and commissioning, hiring, and other industry verticals in India, U.S, Europe, Latin America, Africa, Asia and Middle East, it said.
Bert Labs, founded in 2017 by Rohit Kochar, uses Internet of Things to enable its clients to improve energy efficiency, reduce carbon footprint, and improve supply chain planning and logistics.