Wipro Ventures invested in Altizon Systems
According to the recent report published by TechSci
Research, “India Internet of Things (IoT) Market Forecast and
Opportunities, 2020”, IoT
market in India is projected to grow at a CAGR over 28% during 2015- 2020. With
growing need for connectivity among devices, systems and services using a variety
of protocols and domains; automating business processes; and real-time
monitoring & tracking of services and systems, (IoT) technology has been
gaining increasing market traction over the last few years. IoT is being
rapidly brought into use across diverse industry verticals to reduce operational
and manpower costs, and increase operational efficiency. Consumer electronics,
automotive & transportation, BFSI, home & building, energy &
utilities, retail, supply chain & logistic sectors, and manufacturing are
the key emerging application areas where IoT technology is majorly being
adopted.
Wipro Ventures, a strategic investment arm of Wipro Ltd.,
which invests in early-to-mid start-ups. Wipro Ventures has recently invested
in the Pune, India based firm Altizon Systems. Altizon Systems, Industrial
Internet platform company with high focus on enterprise Internet of Things
(IoT).
The company has the flagship product named Datonis IoT
Platform, which is useful in developing connected devices. The platform is
available as Software -as-a-Service (SaaS) on public cloud and can be hosted on
private data centers or servers. The data collected via connected devices is
further utilized for predictive analytics, driving consumer insights, condition
monitoring and so on.
Wipro Ventures bought the minor shares in the company for
around $1.63 Million as a part of Series A funding in Altizon Systems. Adding
up Series A funding, Wipro Ventures has collectively invested $4 Million in
Altizon Systems. Altizon Systems also mentioned that it will align its big data
platform with Wipro IoT platform.
The company plans to utilize this secure funding in sales
and marketing activities both in India and overseas.
TechSci depicts that the growing start-up ecosystem in
India is opening new options for investors for profitable investment. Wipro
Venture and Altizon Systems synergies will help both the parties; as for the
start-up the funds will help in reaching to the new clients across the world as
well, for Wipro it has extended its offering IoT platform to Altizon Systems.
The collaborative step will have the positive impact on IoT market in India.