01 August 2016, India :
Gaia Smart Cities has raised $300,000 from angel investors Devang Mehta and Sandeep Shetty. The company is all set for raise up to $10 million in Series A round, which is expected to be closed in the next quarter.
Gaia is developing an aggregated platform of solutions, services and products for Smart Cities. The platform will also host solutions from software vendors and integrate with IT vendors, telecom operators, and device vendors.
Gaia Smart Cities was founded by Sumit Chowdhury and Bipin Pradeep Kumar last year. Gaia has so far raised $1.5 million from founders, investors and employees in total which has been used for product development. The company has 14 investors including promoters.
Chowdhury told that the latest funding will be utilized for product development targeted at smart city initiatives, and demonstrations and pilots for various clients.
“The combination of team, market opportunity and timing made this a perfect investment opportunity. It also helped that the company was in the IoT space – where I have past experience. Our investment will help them create beachheads in key verticals like smart meters, smart energy, manufacturing etc; as well as to build out their team to establish market leadership,” Devang Mehta, Board Member, Gaia Smart Cities said.