Transerve Technologies, which offers geospatial technology-based software-as-a-service solutions for sustainable growth and urban planning, has raised $1.6 million (Rs 10.5 crore) in a Series A funding round from IL&FS Investment Managers Ltd or IL&FS PE and Omidyar Network, a company statement said.
The investment was facilitated by impact-focused angel network Tribe Impact, which was previously known as Intellecap Impact Investment Network or I3N, the statement added.
Operated by Transerve Technologies Pvt. Ltd, the firm's solutions are utilised to modernise a city’s municipal information systems. The SaaS-based solutions help users derive business insights from visualisation and analysis of location and geographic information systems (GIS) data. The company’s data collector, location intelligence and precision mapping tool helps businesses utilise geo-location data to make smart decisions.
The startup was incubated at the Center for Innovation, Incubation and Entrepreneurship (CIIE)-IIM Ahmedabad and was supported by Centre for Incubation & Business Acceleration (CIBA), Goa.
“Access to property rights often starts with reducing the cost and complexity of maintaining property records. Transerve’s solutions help urban local bodies increase revenue and improve civic service delivery by maintaining an accurate database of properties, ultimately helping more people formalise their property records to secure and exercise their rights to their land and property,” Shreya Deb, principal at Omidyar Network, said in the statement.
Transerve’s core technology is being used by the municipal revenue administration in multiple cities in the states of Maharashtra, Uttar Pradesh and Goa. Its flagship product SmartMu is a cloud-based solution that provides floor-by-floor and building-by-building visualisation and record information. The mobile-based platform helps municipal bodies plug leakage in revenues in case of property tax and utilises resources efficiently in the case of estate management.
The company also provides water supply and sanitation (WATSAN) solutions to clients including World Bank-aided water resource optimisation projects and micro-irrigation planning in Jharkhand. The company is also deploying LIDAR (Light Detection and Ranging), a laser-based scanning and surveying technology, for various applications like heritage restoration and highway engineering.
IL&FS Investment Managers Ltd is the private equity arm of Infrastructure Leasing and Financial Services Group. In November 2016, it raised $60 million (Rs 406 crore) for a new sector-agnostic fund Tara India Fund IV. The fund focuses on healthcare and life sciences, education and skill development, clean energy, financial inclusion, food and agriculture, water, urban infrastructure and connectivity services.
Omidyar Network is the philanthropic investment entity founded by eBay founder Pierre Omidyar and his wife Pam. The investment firm is composed of a foundation and an impact investment firm. It invests in education, emerging technologies, financial inclusion, governance and citizen engagement, and property rights. Leave Your Comment