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Chennai-based KritiLabs Technologies Pvt Ltd, which is a remote asset management IoT start-up, has raised an undisclosed amount in a pre-Series A round led by Pontaq, a cross-border innovation fund that invests in early-stage technology businesses in the UK, India, the US and Canada.
According to the company, it will use the money to increase the market adoption of ALS (Advanced Learning Solution), its patented, Made-in-India IoT platform for remote asset management. ALS helps secure transportation of high value cargo, asset tracking, process and compliance requirements and productivity improvements in industries such as oil and gas, dairy, jewellery, minerals and chemicals, and financial services.
A company release quoted Srikrishna Varadharajan, Co-founder, KritLabs, as saying that KritiLabs was at an inflection point and was poised to expand to over 120 cities in India and across the globe in the next 12 months with over $72 billion of assets managed annually.
LN Rajaram, Co-founder, said KritiLabs had employed more than 200 graduates and engineers this year and hoped to employ more than 1,000 in the next one year.
Prem Barthasarathy, Managing Partner, Pontaq, said KritiLabs exhibited a combination of domain expertise, unique technology and high entrepreneurial energy to address a massive global problem. They were seeing a strong pull for such a solution from some of the markets Pontaq operated in.
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