Home automation platform, Silvan Innovation Labs, has raised Rs 3.5 crore in a funding round from The Chennai Angels (TCA). The company will use the funds for product promotion and geographical expansion of its services.
Founded in 2008 by Avinash Gautam, Giri Krishna, Nandakumar Raghavan and Mohan G, the company started its operation in Bangalore to provide user security. They first introduced AI powered Internet Protocol (IP) cameras to detect the events. Silvan then moved on to home automation based on cloud services and Internet of Things (IOT).
There was always a need of security in the Home Automation sector, they kickstarted their home automation services by providing full control of home appliances and devices at home through smartphones. Housing players like Sobha, Brigade, Nambiar Builders, Total Environment, Tata Housing, and Lodha have welcomed the services provided by the company.
R Ramraj, one of the angel investors from the TCA quoted, “Silvan has a strong team, an excellent product portfolio and is trusted by several leading developers in India. We are pleased to be associated with them.”
The company has a team of 70 employees and the numbers will probably go up after the transaction of the funds has been completed. The home automation market in India is expected to reach Rs 8800 crore by 2017. The sector is improving and increasing as the consumer’s awareness and financial abilities are on a new high. High product cost and moderate level of satisfaction are a few constraints that might affect the growth of the market.
There are many players in the Indian market of Home automation, some of the players in the home automation industry include Inoho, Toyama India, Venbatech, IndiaMart, Smart automation etc.