New Delhi-based IoT startup Chariot has secured Rs.2 crore funding in Pre-Series A round led by a venture capital firm GEMS Partners.
In 2017, the IoT startup was founded by Nilay Mehrotra, Siddhant Srivastava and Raj Garg. The startup offers end to end solutions by creating IoT infrastructure through its technology and use data analytics to detect the patterns in data streams from machine and sensors. The startup plans to use the raised funding to provide better services to users, to improve its products and for expansion purposes.
Mehrotra said, This investment by GEMs Partners will help us in further consolidating our reach at the global level, upgrading in-house technology platform, infrastructure and products, and also in pushing internal growth.
The startup solutions like smart metering and smart parking aim to help the government and simplify the life of consumers.
Garg said, Our products are designed to exemplify the intelligence of AI and efficiency of Machine Learning, all of which are being combined to formulate a smart ecosystem providing real-time data insights for the tasks at hand.
The company is aiming to use its technology to improve the lifestyle of consumers from the following solutions; automated parking systems, smart gas management, and water meter.