Delhi-based IoTrek Technology Pvt. Ltd, which provides industrial IoT solutions, has secured $154K (Rs 1 crore) in seed funding from a consumer goods maker. The company focuses on industrial solutions for telecommunications, energy and solar grid management. The name of the investor remains disclosed.
IoTrek was founded in October 2016 by IIT-Roorkee alumni Vishwakarma, Kamran Alam (CTO) and Prerak Ujgare (CPO). The company offers IoT-based smart solutions to improve the efficiency of telecom hardware infrastructure and analyze the performance of solar power grids. The company does this by creating its own smart sensors, wireless networks, and analytics platform.
Describing their journey, Vishwakarma said:
The beauty of IoT technology is its ability to be customized for different verticals. We started by providing power monitoring solutions for the telecom hardware industry. We then gradually started providing electricity monitoring and solar grid management solutions, with minor modifications on our core technology platform
IoTrek was one of the 20 startups which were selected for an eight-week accelerator program by T-Hub, the Telangana government’s startup development initiative in association with Intel, Department of Science & Technology, Ministry of Electronics and Information Technology and MyGov.
Commenting on next round of funding, Vishwakarma said:
Since we are a business-to-business player and have a longer product development and sales cycle, it doesn’t make sense for us to raise a Series A round now. Also, we want to keep a low cash burn, achieve organic growth and then go for a bigger round of funding
The company has giants like Tata Communications and Intel among its customers. Vishwakarma declined to comment on details about the total number of customers. IoTrek is targeting to raise $465K as part of its pre-Series A round and has received assurance of funding to the tune of $232 from potential investors.
IoTrek is developing products such as a plug-and-play solution for energy management in smart cities and a smart metering application to minimize electricity pilferage and infrastructure inefficiencies. The company is also aiming to join hands with partners based out of Europe, who can promote its products.
In the wide IoT space, many startups have raised funding recently. Earlier this month, enterprise IoT solutions startup Tyre Express Pvt. Ltd raised an additional amount of seed funding from an angel investor.
The company will use the secured funds which were raised in November last year to develop its product and scale up operations. They are also aiming to enhance their workforce by hiring new employees.
The company is expected to announce the fundraising within two to three months.