Pune-based IoT startup, Altizon which was founded in April 2013 by Vinay Nathan, Yogesh Kulkarni and Ranjit Nair, has raised $4 million in series A round of funding led by Wipro Ventures with participation from Lumis Partners and current investors, The Hive and Infuse Ventures. As part of the deal, Rohit Bhayana, Managing Partner of Lumis Partners will be joining Altizon’s Board.
Wipro Ventures has invested around $1.4 million and picked up a minority stake in the company.
The company plans to utilize the funds for scaling up its sales and marketing functions both in India and globally. Altizon’s co-founder and CEO, Vinay Nathan says, “This milestone and the commitment from our investors validates the belief in the growth story of Altizon as a leading innovator in the Industrial IoT space. With this development, we plan to take Altizon’s value proposition globally and continue to invest in our innovation edge around the Datonis™ platform.”
Datonis, the flagship platform of Altizon is the platform of choice for enterprises in Manufacturing and Cleantech sectors for their IoT initiatives. Enterprises rely on Datonis for mission-critical applications around condition-based monitoring, predictive maintenance and machine learning.
“We are seeing increasing adoption of IoT technologies across our customer base. The Altizon investment represents our commitment to investing in companies building disruptive technologies,” said Biplab Adhya, Vice President and Co-Head, Wipro Ventures.