Ahmedabad-based venture capital player, GVFL Ltd, has announced investment in a tech start-up, Optimized Electrotech Pvt Ltd, as part of a Series A investment round from its start-up fund. The quantum of investment was not declared.
Optimized Electrotech operates in the area of modern electro-optics surveillance systems, having defence and commercial applications. Headquartered in Ahmedabad, Optimized Electrotech has a Prototype Development Centre in Bengaluru.
Speaking about the fifth investment from GVFL Startup Fund, Sanjay Randhar, Managing Director, GVFL said, "India’s need for Intelligence, Surveillance and Reconnaissance is more than ever before. Strengthening the ‘Make in India’ initiative, Optimized intends to save hundreds of millions in foreign exchange by bringing down the import substitution on various products. It is expected to serve paramilitary forces, defence, aerospace, airports and critical assets and other industries, apart from a huge export market."
Optimized Electrotech makes indigenously designed, developed and manufactured surveillance systems and provides breakthrough technology innovation solutions for various applications. These include key defence requirements such as Electro-Optics, Camera, Electronic Hardware, Military and Defence, Optoelectronics, Airport Surveillance and Critical Asset Tracking, among others.
The company recently signed a Memorandum of Understanding (MoU) with the Gujarat government during the Vibrant Gujarat Summit 2019, to set up a manufacturing facility in the state.
Led by an an IIM-Calcutta alumnus, Sandeep Shah, and co-founded by team members from IISc Bengaluru, ISI Kolkata and IIT Delhi, Optimized Electrotech has a variety of skilled professionals with experience from government and multinational organisations in the fields of electronics, optics and imaging software.
Sandeep Sadh, Managing Director, Optimized said, "GVFL brings not only funding, but also the right network and guidance into the ecosystem. Moreover, funding at the right time allows us to amplify our product upgradation and business development efforts."