Altizon raises $7M funding from TVS Motors & others
TVS Motors has invested $2.5 million in Altizon in exchange for 14.4% stake, the automobile manufacturer said in a stock market disclosure. Existing investors Wipro Ventures, The Hive and Lumis Partners also participated in the funding round.
“This investment brings on board TVS Motor Company which is the flagship company of the multi-billion dollar TVS Group, with deep experience building companies in the industrial sector,” said Vinay Nathan, CEO of Altizon. He further claimed that the company’s roster of customers that include global industrial majors will benefit from its global footprint and improved technology offerings.
This is amongst TVS Group’s first set of investments in digital startups focused on the Automotive and Fintech Industries, said TVS Motor (Singapore) chief executive Rajesh Narasimhan.
Started in 2013 by Nathan, Yogesh Kulkarni, and Ranjit Nair, Altizon plans to use the funds raised to strengthen its international presence and continue its investments in intellectual property (IP) development.
The company’s Datanois platform currently offers solutions to address all key industrial IoT needs like intelligent edge computing and business applications for smart manufacturing among others.
Source: ET Tech