Industry News

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.

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