Wipro Ventures leads $4m round for India's Altizon
Wipro Ventures, the strategic investment arm of Indian technology company Wipro Group, has led a $4 million Series A round for internet development platform provider Altizon Systems.
Lumis Partners also participated in the round, along with current investors The Hive and Infuse Ventures, according to a statement. The capital will be used to expand Altizon's sales and marketing efforts within India and globally.
Altizon's flagship product is the Datonis platform, an enterprise-oriented development tool to help companies build products and services for the internet of things (IOT). It incorporates device connectivity kits, a cloud-based real-time analytics engine, device management options and systems for monitoring and alerting.
The company targets customers in the manufacturing and cleantech sectors. In the last year it has established strategic partnerships with Wipro and manufacturing and utility software developer Kepware.
"Industrial IOT has a direct bearing on productivity, client satisfaction and market leadership, and therefore it's not another ‘good to do', but a ‘must have,'" said Rohit Bhayana, managing partner of Lumis. "Altizon has the depth and agility that OEMs need in such a critical space and we are delighted to partner with them in this journey." Bhayana will join the board at Altizon as part of the investment.
Lumis focuses on business services companies that leverage technology and global operations to grow and succeed. According to AVCJ Research, the firm's investments have leaned toward the human resources and education sectors, with several investments in HR outsourcing firm PeopleStrong and BNK eSolutions, and education providers Talentedge and Wheebox.
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