Industrial IoT startup SwitchOn secures $1M funding led by pi Ventures
The organization plans to use the cash raised to give a boost to its edge-compute architecture, extend the team and enhance its market adoption in India and other countries in the European Union and Asia Pacific markets.
Industrial IoT startup SwitchOn has raised $1 million seed funding led via deep tech-focused early-stage assignment capital fund pi Ventures. The round additionally noticed participation from Axilor and The Chennai angels.
The enterprise plans to use the funds raised to make stronger its edge-compute architecture, make bigger the team and enhance its market adoption in India and different countries in the European Union and Asia Pacific region.
Founded with the aid of Aniruddha Banerjee and Avra Banerjee in 2017, SwitchOn helps manufacturing industries become aware of plant-level bottlenecks and improve tools efficiency. Industries can create digital twins of their heavy assets, screen and predict availability and overall performance bottlenecks in advance, thereby ensuring higher efficiency for the tools as well as the plant.
The startup said that it has seen good sized traction among industries like automotive and FMCG discrete manufacturing in India and Asia Pacific markets.
“SwitchOn is leveraging deep information in hardware and software program graph to create present day edge solutions for increasing transparency, reducing turn-around, and enhancing high-quality on the shop-floor of manufacturing industries to ultimately achieve operational excellence. We consider that our customers will advantage heavily from our extended world footprint and deep science differentiators” stated Banerjee.
“What attracted us to make investments in them was their clear grasp of science and customer needs. Another prevailing factor used to be their minimally intrusive solution, the need of the hour in the Industrial IoT space” stated Manish Singhal, Founding Partner, pi Ventures.
Pi Ventures had introduced the ultimate close of its first fund at Rs 225 crore in September closing year. The fund writes cheques between $500,000 and $1 million to startups and plans to invest in 18-20 startups in the health-tech, logistics, retail, fintech, and organization sectors over the subsequent three-four years.