Vertex leads $7.5m Series A for India's Flutura
Vertex Ventures, the VC arm of Singapore’s Temasek Holdings, has led a $7.5 million investment in Flutura Business Solutions, an Indian data services provider that uses internet-of-things (IoT) technology.
Indian private equity firm Lumis Partners and The Hive, a US-India seed fund and start-up incubator, also participated in the round. The capital will be used to fund a global expansion effort with support from Temasek’s engineering and manufacturing industry network connections.
“As part of our diligence process, we introduced them to Temasek portfolio companies,” Ben Mathias, managing director and Vertex’s India head told Tech in Asia. “All of these introductions led to more detailed discussions on business possibilities. Four or five engagements are going on right now.”
Flutura uses an IoT prognostics and diagnostics platform to improve operational, process and asset efficiencies for businesses in the engineering and energy industries. Products include Cerebra, which allows companies to automate a number of operational exercises, including equipment health monitoring and technical performance benchmarking.
The company received an undisclosed investment from The Hive in 2013, and has reportedly partnered with a number of large technology groups, including Hitachi, Dell and Intel. It maintains two offices in the US.
Vertex's previous investment activity in India’s big data services space includes participation in a $6 million round for customer experience management platform CloudCherry last year. Meanwhile, Lumis and The Hive backed IoT analytics company Altizon Systems alongside Wipro Ventures and Infuse Ventures.
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