Altizon Inc, a global industrial IIoT platform company addressing the manufacturing industries, announced the closure of its series A+ funding round of $7 million. This round was led by TVS Motor Company (Singapore) Pvt. Limited, the Singapore-based subsidiary of TVS Motor Company. The round also saw participation from existing investors like The Hive, Wipro Ventures, and Lumis Partners, among others.
“The Industrial IoT market continues to expand at a rapid pace and this investment brings on board TVS Motor Company which is the flagship company of the multi billion-dollar TVS Group, with deep experience building companies in the industrial sector,” said Vinay Nathan, CEO of Altizon. He added, “We have a strong roster of global industrial majors as our customers and they can now gain further benefit from our global footprints and enhanced technology offerings.”
Altizon, which was founded in 2013, now plans to use the funds to strengthen its international presence and continue its investments in IP development. Altizon’s Datonis Industrial IoT platform addresses the breadth of industrial IoT needs from intelligent edge computing to business applications for smart manufacturing.
Happy to share that @AltizonSys accelerates its growth journey with $7 Mn Series A+ #Funding led by TVS Motor and participated by existing investors The Hive, Wipro Ventures, and Lumis Partners. https://t.co/77YeG6hAJ7 @tvsmotorcompany, @LumisPartners, @HiveData pic.twitter.com/WOxqVI1NTg
— Altizon Systems (@AltizonSys) April 28, 2019
Rajesh Narasimhan, Board Member of TVS Motor Company and CEO of TVS Motor (Singapore) said in a statement, “After detailed assessments around industrial IoT platforms we found Altizon’s technology portfolio of definitive value in driving digital transformation with Industrial IoT. We are hence delighted to invest and have the opportunity to partner them in their exciting journey of growth and market leadership. This is amongst our first set of investments in digital start-ups focused on the Automotive and Fintech Industries.”