GrowX ventures led a $500,000 seed round for i2e1, a network layer platform, which aims to provide low cost/free internet to consumers and actionable analytics to providers. Apart from growX, the seed round also saw participation from angel investors such as Mohandas Pai, Rajan Pandhare, Debasish Mitter, and Singapore Angel Network. Engineering institute IIT-Delhi, where i2e1 was incubated, is also a shareholder in the company.
i2e1 is a data management platform that aims at leveraging low cost technology solutions combined with the power of Big Data and Machine Learning systems an improved understanding of customers to brands/ merchants/ venues.
Co-Founder of the company, Satyam Darmora explained how he wants to bridge the gap of information. As he said “ asymmetry causes inequality,” the i2e1 team wants to provide information to at least 500 million people in 5-7 years. Their aim is to create a smart network layer platform.
Satyam is an alumnus of IIT-Delhi and IIM-Bangalore, has worked as the head of financial services for Dell and American Express. Other members of i2e1’s founding team include Ashutosh Mishra (ex- Microsoft, Adobe), Anugrah Adams (ex- Chitika, mobile advertising platform), Gaurav Bansal (IIT KGP, ex- BASIX), and Maanas Dwivedi (IIT KGP, ex- American Express).
i2e1’s model is based on innovation at the hardware front to reduce the cost of network delivery through cloud-based, remotely manageable plug and play devices. i2e1 leverages advanced machine learning systems to create insights, increase revenue and profitability for brands. i2e1 is live across India with 100+ paying clients, including leading retail outlets, ISPs, and growing organizations in the hospitality industry like ZO rooms.
On funding, Sheetal Bahl (MD & CEO of growx) who will also be on the board of i2e1 stated that the company is making changes to the network layer, so that they can do the same thing that Facebook did with the application layer i.e. free it up in exchange for data.Category Internet News Technology