11 February 2019, India:
Smart lock maker Open Appliances Pvt Ltd has raised $1.3 million in pre-Series A funding. The funding round was led by Unicorn India Ventures and KARSEMVEN Fund.
Existing investors, Axilor Capital and Kumar Vembu, Co-founder of Zoho also participated in the funding round. With this funding round, OpenApp has raised almost $2 Million till date.
Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, said, “Innovation like smart lock is needed by large industries who store physical things. For centuries and even now, such industries have been using archaic method of safeguarding their assets. OpenApp Smart Lock has been seeing healthy traction and their product has a global appeal, which gave us confidence to lead the round in the Company.”
Gotama Gowda, Co-Founder & CEO, said, “The company is already a market leader in the space and with the extended round and new partners Unicorn India and KARSEMVEN , the company intends to widen its lead. OpenApp is working towards deploying 100k devices with more than half already fulfilled across Asia and Africa.”
Open Appliances Pvt Ltd is a Next Gen Remote Access Technology company based in Bangalore. The company designs Bluetooth and GSM enabled smart locks primarily for enterprises. The lock can be opened remotely using OpenApp’s mobile App and an alert is sent out every time it is unlocked or in case of a threat.
Unicorn India Ventures was started by Anil Joshi and Bhaskar Majumdar in 2015. It is a Mumbai-based fund house with both equity and debt funds under its belt. The Fund House has recently launched a UK India cross border fund for funding UK startups looking to enter India.
KITVEN manages over INR 175 crore under management across 3 funds in the Electronics, ESDM, BT, AVGC etc. and has till now invested on over 40 companies. KARSEMVEN Fund, a specific Fund for Electronics, ESDM etc has invested in this company.
(Image – OpenApp)