Faclon Labs Raises Pre-Series A Round From LetsVenture
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Mumbai-based Internet-of-things (IoT) and data management startup Faclon Labs on Wednesday announced it has raised undisclosed pre-Series A from LetsVenture led by Group Satellite managing director Sarjan Shah.
The platform will use the proceedings towards product development, team building, and international customer acquisitions in Malaysia, UAE, and Bahrain as well as set up an office in Dubai.
“With the global Infrastructure poised to become digitized in this decade, we are looking at a huge opportunity to put a homegrown technology company on a global platform to drive it. Over the last few years, we invested heavily in R&D and product innovation to build a comprehensive IoT Infrastructure, ranging from Cloud to Gateways to challenge global players in IoT,” said Rishi Sharma co-founder, Falcon Labs.
The IoT-led startup, founded by IIT-Bombay graduates Archit Naraniwal, Rishi Sharma, and Utkarsh Narain in 2016, helps in making infrastructure smart, responsive, and self-learning.
“In these uncertain times, it is important for companies to adapt to new normal and change the way they need to function. With demand for newer solutions, services growing constantly, IoT has emerged as one of the forerunners. We are happy to have Faclon Labs as part of our portfolio, which is helping in bridging the gap for businesses with the help of technology,” shared Sunitha Ramaswamy, president-early stage, LetsVenture.
With the prevailing COVID-19 situation, the platform will also work towards developing IoT Infrastructure, I/O sense stack as the operating system for digitization across the country.
The DIY solution will help companies to tailor each and every requirement uniquely without the need of writing even a single line of code, which will provide the customer complete control over their offerings, the company said.
"As one of Faclon’s first investors, I have had the pleasure of working with the team for several years. Their dedication, commitment, and enterprise have helped them cement their place at the forefront of the Indian IoT ecosystem, and I look forward to being a part of their future journey," added Pranav Marwah, founding partner, thinQbate.
With IoT applications reshaping the areas for COVID-19 challenges, the company counts marquee clients such as Tata Power, Aditya Birla Group, Larsen and Toubro, JUSCO and Raymonds, and ITC, among others.
The company had earlier raised its first round from a clutch of angel investors led by Vish Sathappan, director, Brand Capital; and Sameer Sainani, director, response, BCCL in January 2018.