Mumbai-based internet-of-things (IoT) startup Faclon Labs Pvt. Ltd has raised an undisclosed amount in a seed round to fund its product development and commercialisation efforts, the company said.
The round was led by Vish Sathappan, director at Brand Capital, Bennett, Coleman and Co Ltd (BCCL), and Sameer Sainani, director, response, BCCL. Neev Angel Advisors and LetsVenture also participated in the round, the statement added.
According to Sainani of media house BCCL, also know as the Times Group, Faclon Labs' solutions in smart water management will address the core needs of a Smart City and create value for all. “We liked the commitment and passion of the founders to build a robust solution which eventually got us on board.”
Faclon was founded by IIT Bombay alumni, Archit Naraniwal, Rishi Sharma, Utkarsh Narain, Ankit Parashar and Ravi Sharma, in 2016.
The company works towards weeding out inefficiencies in water management and creating a sustainable solution, primarily using predictive analytics and other data mining technologies to detect leaks and predict local consumption patterns.
It uses IoT-based tools to collect vast pools of data to give valuable insights, and caters to the clients’ need to track and monitor water usage, and related infographics, besides allowing users to control the device operations through its platform.
Faclon claims to be providing solutions for large metropolises, including Mumbai, to ensure water safety in a progressively difficult environment.
“The young team, comprising fresh graduates from IIT Bombay, has the necessary skill set to create a robust business,” said Shanti Mohan, founder and CEO, LetsVenture.
Of late, many startups in the water management, and broader IoT space, have elicited investor attention. Last month IoT startup HexOctane was in talks to raise $2.5 million from San Francisco-based venture capital firm Emergent Ventures.
In November 2017, Goa-based TempoGO, which provides IoT and software-as-a-service (SaaS) solutions for the transportation industry, had raised $250,000 from Javelin Startup-O Victory Fund.
In April last year, Delhi-based IoTrek Technology Pvt. Ltd had secured $154,000 (Rs 1 crore) in seed funding from a consumer goods maker. It provides industrial solutions for telecommunications, energy and solar grid management.
The same month also saw Enterprise IoT solutions startup Tyre Express Pvt Ltd raise an additional amount in seed funding from an angel investor.