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TVS Motor Company on Wednesday announced that it has invested $3.85 million in TagBox, a supply chain company that operates on the Internet of Things (IoT) and Machine Learning (ML) platform.
The Series A round of funding was led entirely by TVS Motor Company and its Singapore-based subsidiary TVS Motor (Singapore) Pte. Limited, the company said in a press release.
According to the press statement, TagBox plans to use the funds to strengthen product innovation and R&D, while expanding its global footprint. TagBox will continue to invest in its BoxLens and AssetLens platforms and develop new predictive analytics and automation solutions to solve various customer use cases.
“We evaluated many companies providing IoT solutions in the Supply Chain and logistics space and found TagBox’s product offerings and solutions to be an unique blend of IoT, Machine Learning and close-loop AI,” said Rajesh Narasimhan, Board Member of TVS Motor Company, and CEO of TVS Motor (Singapore).
“Our current investment in Tagbox is part of the initial set of investments being made in strategically relevant digital startups,” Narasimhan added.
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