#FundingWire is your quick daily dose of notable investments made in the technology space. The firms covered in this segment include Uber, Atomberg Technologies, Limo, NetraDyne and CoutLoot.
Uber Gets $3.5 Billion from Saudi Investor
Uber Technologies Inc. has raised $3.5 billion from the investment arm of Saudi Arabia, part of an arms race over the future of transportation that is attracting the world’s largest technology companies and auto makers.
The investment from Saudi Arabia’s Public Investment Fund extends a fundraising that totals $5 billion, the largest single investment for a venture-backed company. Including the latest contribution, Uber is valued at close to $68 billion, some $20 billion more than General Motors Co. , the nation’s largest auto maker. Read More
Parampara Capital Invests $1 Million in Atomberg Technologies
Parampara Capital has announced its second investment through the Parampara Early Stage Opportunities Fund in Mumbai based technology firm – Atomberg Technologies, which was earlier incubated in SINE incubator of IIT-B.
Co-founded by IIT-B alumni Manoj Meena and Shibam Das, Atomberg is engaged in design and manufacture of super energy efficient and smart appliances. They have designed and manufactured India’s most energy efficient ceiling fan named Gorilla using BLDC technology. Consuming 65% lower electricity as compared to normal ceiling fans, each fan has the potential to lower electricity bills by around INR 1000- 1500/year depending on usage. Having launched the product in October 2015, several thousands have already been sold. Read more
Charter bus service provider Limo raises $1 Million from Rainmaker Ventures
Bangalore: Charter bus service provider Limo, owned by Raftaar Technologies Pvt. Ltd, has raised $1 million from Rainmaker Ventures, the company said in a statement on Wednesday.Raftaar Technologies had earlier raised a seed round from India Quotient and angel investor Anupam Mittal, among others.Founded in 2015 by Siddharth Sharma, Anshul Khandelwal and Vivek Choksi, the company claims to have facilitated more than three lakh rides since inception.Read more
CoutLoot Raises Funding From Venture Catalysts
Fashion recommerce platform CoutLoot– a one stop solution to de-clutter one’s closet for cash, has raised an undisclosed amount of funding from Venture Catalysts. For Venture Catalysts, this marks their first investment in ecommerce sector. The startup will use the proceeds for strengthening its technology backend, expanding its team, and to roll out its campus trendsetter programs in colleges.Read more
RIL to invest $16 Million in US-based IoT startup NetraDyne
Reliance Industries Limited is investing $16 million in compulsorily convertible preferred shares of US-based technology startup NetraDyne, the company informed the BSE. The company mentions that 50% of the investment has already been done, with the balance 50% investment likely to be completed by the 31st of March 2017.
NetraDyne plans to provide Internet of Things (IoT) solutions using computer vision and deep learning for automotive applications like driver assistance, fleet management and for drones, drone analytics, healthcare, security and other fields. The company focuses on technologies with cameras as the primary sensory input. As of now, the company is still in its research & development stage and is yet to launch a commercial product. Headquartered in the San Diego, California, the startup operates in India and the US.Read more