EroNkan Technologies Pvt. Ltd, which provides an Internet of Things-based (IoT) platform to enterprises across industries, has raised an undisclosed amount of Series A investment from venture capital firm GVFL Ltd.
It will use the fresh funds to enhance its technology platform and to scale operations, a company statement said.
The platform provides tools, technology, consulting services and insights into industrial processes, machine performance and shop-floor dynamics to help enterprises take timely decisions at both ground level and senior management to improve productivity, quality and availability across the organisation. Its solutions are offered to diverse industry sectors like food and beverages, pharmaceuticals and manufacturing.
The platform helps manufacturers track their operational equipment efficiencies in real time. It also helps them improve quality and productivity, and reduce wastage, the company claims.
The Ahmedabad-based startup was founded by Ketan Parekh, Vish Desai and Rajan Vasa in 2014.
Vasa is a serial entrepreneur and also owns the RV Group of companies that offer knowledge process outsourcing services and consulting services, according to EroNkan’s website. Parekh has worked with companies such as HP and Dell in the past while Desai has worked with companies such as Tata Consultancy Services, Intel and SAP.
The founders said that having GVFL by their side will help them grow faster in India and also start planning its foray in the international market. The infusion of funds from GVFL will also help EroNkan conduct the research and trials required to develop its products, they said.
Ahmedabad-based GVFL, formerly known as Gujarat Venture Finance Ltd, is one of the oldest VC firms in the country. It has raised eight venture capital funds over the past two decades and has backed more than 85 companies