Syook, an Industrial Internet of Things start-up, has reportedly raised a massive disclosed amount from funding that it received from an investment initiative, Inflection Point Ventures. By the looks of it, the action is supervised by a few chief financial officers & finance professionals who originate from India's ecosystem of start-up firms.
In the statement, Syook said that the company is going to use the fresh capital for scaling up the operations in the country, rather than expanding towards the market of Southeast Asia. Arun Nagarajan, the co-founder of the start-up, said that the company is extremely excited to partner with IPV as they are heading into the management of digital operations alongside the complete IIoT product.
Aman Agarwal, Saurabh Sharman, and Nagarajan founded the company in the year 2016. The company utilizes its platform for providing real-time micro-location for the people along with other crucial assets in distinctive sectors such as automobile, defense, manufacturing, healthcare & education.
According to Aman Agarwal, the CTO of Syook, the IIoT system is extremely customizable. Moreover, people can use the tech in more than one use cases according to their needs and necessities. Agarwal also said that the company uses machine learning for providing the customers with a fierce advantage while optimizing the operations.
IP Ventures was founded in the year 2017; besides, it is also CXO Genie's sub-initiative. The founding members of IP Ventures are Dipanjan Basu, the former CFO of Myntra and the finance head of BookMyShow, Mitesh Shah.
Given that IP Ventures is an early-stage investment group that has also funded some of the other start-ups. According to the sources, IP Ventures has funded Sportido, the sports app based in Noida, and the task management instant messaging platform Wishup.
Many investment firms and companies in India are looking forward to capitalizing on the needs of the organization by increasing productivity and automating their processes.
**This post was published on https://www.vccircle.com
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