Altizon Systems Pvt Ltd, which operates a technology platform for developing industrial IoT (internet of things) solutions, has raised $4 million (around Rs 27.2 crore) in Series A funding led by Wipro Ventures and Lumis Partners. Altizon will use the funds raised to scale up its sales and marketing globally.
Altizon Systems, the Internet of Things (IoT) platform innovator today announced it has closed a $4M round of series A funding led by Wipro Ventures & supported by Lumis Partners and current investors, The Hive & Infuse Ventures. Altizon has emerged as a leading partner for enterprises in an IoT driven world.
Altizon Systems has raised $4 million in series A round of funding led by Wipro Ventures with participation from Lumis Partners and current investors, The Hive and Infuse Ventures. As part of the deal, Rohit Bhayana, Managing Partner of Lumis Partners will be joining Altizon’s Board.
Wipro Ventures invests Rs 9.78 crore (part of Series A Funding) in big data start-up Altizon Systems. This is Wipro Venture’s first investment in a home-grown start-up in two years. Until now, it has taken stakes in four US-based start-ups
Altizon, a Pune headquartered IoT platform provider, has raised Series A funding worth Rs 9.78 crore ($1.4 million) for a 20% stake from Wipro Ventures, reportsET. The company has raised overall $4 million in this round led by Wipro, with participation from Lumis Partners, The Hive and Infuse Ventures.
Wipro invests $ 4M Series A funding in Pune-based start-up Altizon.”The company has picked up a minority shareholding of less than 20 per cent on a fully diluted basis for a consideration of Rs 9.78 crore in Altizon Systems Private Ltd,” the company said in a filing to the Bombay Stock Exchange.
Wipro Ventures, the $100-million venture capital arm of India’s third largest software exporter, invested $4 million as part of a Series A funding round, a week after cross-town arch rival Infosys parked $4 million in US-based data startup Waterline Data Science.
Altizon on the road to success: bags $4M in Series A Funding. Likewise, this funding translates into an exceptional year for Altizon, as it marks a strategic partnership with industry leader Wipro Ltd. The company plans to utilize the funds for scaling up its sales and marketing functions in India as well as abroad.