17 June 2019, India:
Industrial IoT startup SwitchOn has raises $1 million Seed Funding. the funding round was led by pi Ventures.
Axilor and eminent angels from The Chennai Angels have also participated in the round.
The startup will use the fresh capital for strengthening its edge-compute architecture, expanding the team, and increasing market adoption in India and other countries in the EU and APAC region.
Aniruddha Banerjee, Co-Founder, SwitchOn said, “SwitchOn is leveraging deep expertise in hardware and software design to create state-of-the-art edge solutions for increasing transparency, reducing turn-around, and improving quality on the shop-floor of manufacturing industries to ultimately achieve operational excellence.”
Aniruddha Banerjee, added, “We are very excited about the new investment and the deep expertise of our investors in scaling IP-led hardware-software businesses. We believe that our customers will benefit heavily from our expanded global footprint and deep technology differentiators.”
Manish Singhal, Founding Partner, pi Ventures, said, “What attracted us to invest in them was their clear understanding of the technology and customer needs. Another winning point was their minimally intrusive solution, the need of the hour in the Industrial IoT space. We are happy to partner with a brilliant team working hard at addressing a crucial need.”
SwitchOn was founded by Aniruddha Banerjee and Avra Banerjee in 2017. It is an Industrial tech company that helps manufacturing industries identify plant-level bottlenecks and improve equipment efficiency.
The startup graduated from the Axilor Accelerator Program in 2018.
The startup has has a proprietary set of algorithms which combines vibration data, electrical data and other signals to give accurate and relevant Digital Twin of the machine.
(Image – SwitchOn)