How This IoT Start-up is Leveraging Deep Tech to Ensure Individuals' Safety
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Internet of Things (IoT)-based GPS tracking platform Letstrack is looking to raise $8-$10 million in Pre-Series A round of funding according to a statement by the company. The platform is currently valued at $169 million. With the funds, Letstrack plans to expand to more geographies and add more to its supplier/distributor base. Last year, the IoT platform raised $1.7 million seed funding from US-based investor, James Arthur.
Commenting on the funding plans, Vikram Kumar, founder and CEO, Letstrack, stated, “Before looking out for next funding plans, we were aiming to set up our distribution channel. After achieving it all, we are set to expand to other countries and raise funds. Usually most of the startups either grow or become profitable, but Letstrack is a rear combination which has grown both exponentially and profitable at the same time.”
Letstrack was founded in 2015 by Vikram Kumar. The Gurugram-based company offers numerous devices that are used for tracking individuals, vehicles etc.
The Indian IoT Space
The IoT space is an emerging and flourishing space in the Indian business ecosystem. According to a report by IDC, the worldwide IoT market is supposed to reach a whopping $1.7 trillion by 2020. The deep technology has created the kind of fervor that artificial intelligence has. International as well as domestic investors like SoftBank, Tencent, Blume Ventures have been pouring money and signing checks for start-ups in this space.
Since security is an issue that has rattled the markets and nations alike, it makes IoT all the more important a technology and a Device as a Service (DaaS) tool to be adopted by industries, companies etc across all sectors.
India has several IoT start-ups including data driven energy efficiency platform Zenatix, intelligence platform Smartron, that have carved a niche in the Indian IoT market.
The cutting-edge technology that Letstrack provides has proved to be of paramount importance to its clients such as Uber, Delhi Police, Honda, Liberty, Driver Easy etc. It claims to have 20,000 distribution channels.