Industrial Internet of Things (IIoT) startup Syook has raised an undisclosed amount in funding from Inflection Point Ventures, an investment initiative floated by a group of chief financial officers and finance professionals from India’s startup ecosystem.
Operated by Sparkyo Technology Pvt. Ltd, Syook said in a statement that it will use the fresh capital to scale up its operations in India, apart from expanding to the Southeast Asian market.
“We're really excited to partner with IPV as we continue to make inroads into digital operations management with our full-stack industrial IoT product, Syook InSite,” said the startup’s co-founder Arun Nagarajan.
Founded in 2016 by Nagarajan, Saurabh Sharma and Aman Agarwal, Syook uses its platform to provide real-time micro-locations for people and other important assets in sectors such as defence, automobile, healthcare, manufacturing and education.
Agarwal, who is the company’s chief technology officer, said the system was a highly configurable one that would cater to several use cases.
“We use machine learning to give our customers a competitive advantage when it comes to optimising operations,” he added.
Founded in 2017, IP Ventures is a sub-initiative of CXO Genie, a networking platform for executives. Its founding members include former Myntra CFO Dipanjan Basu and BookMyShow finance head Mitesh Shah.
Deals in the segment
The IoT segment in India has been the object of investor interest in recent months, with many companies and investment firms looking to capitalise on organisations’ needs to automate their processes and increase productivity.
A month ago, TVS Motor Co. Ltd invested $3.85 million (nearly Rs 27 crore) in machine learning company Tagbox Solutions as part of a Series A funding round.
In April, Altizon Systems Pvt. Ltd, which operates a platform to develop solutions based on industrial Internet of Things (IIoT), raised $7 million (around Rs 49 crore) in its Series A round of funding.
In March, logistics-technology startup Transport Hub raised 3.5 crore (around $500,000) in seed funding from a clutch of high-net-worth individuals. The company said it would use the money to scale up its business, adding that it was in talks with investors to raise Rs 50 crore for its Series A round, which it hoped to close in the next three-four months.
Similarly, in February, intelligent fleet management and predictive analytics platform Fleetx.io raised an undisclosed amount in a pre-Series A round of funding led by venture capital firm India Quotient and dealmaking platform LetsVenture’s angel fund.