Bangalore-based early-stage venture capital firm Exfinity Ventures has invested $1 million (Rs 6.25 crore) in Silicon Valley-based imaging technology focused software defined hardware startup LensBricks Inc, according to a press release.
It has invested in a seed round where North Bridge Ventures and Lux Capital also participated, taking the total funding value to $2 million.
LensBricks develops smart sensing technology for people and their homes. It’s flagship product augments customer awareness about household activity. Utilising a camera hardware and software solution, it comprehends the scene, identifies patterns, and informs the user.
It was founded in December 2013 by Rajeshwari Kannan (head of Nokia’s imaging team), Pranav Mishra (worked at Nokia, AMD and Analog Devices) and Ramesh Rasker (head of MIT Media Lab’s Camera Culture group).
“Driven by the passion of creating a new type of smart camera, the team is working towards creating a novel product solution that provides unique insights to customers. The team’s decades of collective experience in imaging leaves no one in doubt that they are well on the way towards making a far-reaching impact in the smart home segment,” said Shailesh Ghorpade, managing partner, Exfinity Ventures.
Exfinity Venture Partners LLP (erstwhile Reservoir Investment Managers) is a VC firm floated by IT industry bigwigs including former Infosys executive V Balakrishnan and Mohandas Pai among others.
Exfinity’s first fund, Exfinity Technology Fund I, backs early stage ventures in Information Technology space. The firm made its final close of its maiden fund Exfinity Technology Fund – Series I (ETF-I) at Rs 125 crore (around $20 million) in August 2014.
This is the fourth investment by the VC firm. It has previously invested in cloud-based artificial intelligence startup Mad Street, on-demand video distribution startup RiverSilica and Virtual Power Systems.