Wipro’s investment arm – Wipro Ventures, that has a $100 million under management, has picked up a minority stake in a big data startup – Altizon for around $1.9 million (Rs. 9.78 crore). This deal is part of the company’s ongoing $4 Million Series A round of funding.
In this Series A round, Altizon has raised over $4 million and the round was led by Wipro Ventures. Before this, the company had raised capital from Lumis Partners, The Hive and Infuse Ventures in the same round. Also, Rohit Bhayana, Managing Partner of Lumis Partners will join Altizon’s Board.
The deal is expected to close by the end of next week. With the new capital coming to the company, it is now planning to scale up its efforts in sales and marking in India as well as in the international markets.
The company was founded in April 2013 by Vinay Nathan, Yogesh Kulkarni and Ranjit Nair. It’s platform – Datonis is used by enterprises which are dealing in manufacturing and cleantech sectors for condition monitoring, predictive analytics, operations and for driving consumer insights.
The platform helps in building IoT product within weeks by providing device connectivity kits, a device management layer, a real-time, big-data analytics engine and alerting and monitoring services.
As per the company, Altizon’s big data platform will also be aligned with Wipro’s Internet of Things (IoT) platform.