Enterprisetech Syook Raises $1 Mn From IPV And ONGC In Series A Round
Funds raised in this round will be used to pursue growth in the international markets especially in the middle east and South East Asia
Bengaluru-based enterprise tech startup Syook has raised $1 million from Inflection point ventures and ONGC in a Series A round.
“Syook has been working relentlessly for the last 2 years to drive the impact of real-time location analytics to its customers. We have been watching them grow as they entered a high growth trajectory by signing some of the most respected brands in India as their customers and partners. This fast growth needs patient capital and more support to realize its ambition to go international. Given the pipeline visibility, we believe in the team to back them by investing again in the company,” said Vinay Bansal, founder and chief executive officer, Inflection Point Ventures.
Syook helps large enterprise companies with their digital transformation journey in operations across the supply chain using their modular, no-code-IoT platform. The Company works with giants like Hindustan Unilever, Reckitt Benckiser, FIAT, and the Tata group as some of its customers.
“We are supporting startups that have an application in the Oil and Gas sector. We are really happy with the safety, productivity, and compliance gains that Syook provides at customer locations. This has a lot of applications both in the upstream and downstream of the energy sector,” commented the startup team, ONGC, in a collective statement.
After establishing an initial product-market fit with some leading customers, the company is seeing strong traction outside of India. Funds raised in this round will be used to pursue growth in the international markets especially in the middle east and South East Asia.
“The pandemic has put the limelight on digital transformation. Organizations around the world are looking at tech solutions to remain competitive. We have seen 2X growth in the revenues of the entire last financial year into our order book in just the first 3 months of this FY. We are also growing outside India, especially in the Middle East and South-East Asia,” shared Arjun Nagarajan, co-founder, and chief executive officer, Syook.
A significant part of the funds will also be used to enhance and scale up the engineering team.
“Ours is a modular, configurable no-code platform that provides operational efficiency and gains from day one. It's really easy to deploy and we start seeing an ROI immediately,” added Aman Agarwal, co-founder, and chief technology officer, Syook.
Syook’s enterprise operating system for operations efficiency helps enhance the competitive advantage of organizations. This operating system is built on top of the company’s proprietary RTLS (Real-Time Location System) platform. The platform offers a modular and configurable (no-code) platform for improving operational efficiency across sectors. This platform can be configured in just a few hours to address losses related to productivity, safety, and compliance at the workplace. Few key sectors where the platform is being used are Oil and Gas, Manufacturing, Auto, and healthcare.
Starting with a small pilot at one factory in North India, today Syook is partnering with leading companies in the tech space including Microsoft, Accenture, Siemens, and Bosch as they help customers on their digital transformation journey.
In today’s connected world, digital transformation has become inevitable for all the businesses, expected the industry to grow from the current $400 billion to about $1 trillion by 2025. Syook’s mission is to help its customers on their digital transformation journey by providing avant-garde solutions for operations excellence.