IoT startup Altizon bags a $4M Series A funding from Wipro Ventures

Altizon Systems, a Pune-based big data startup founded in 2013, has closed a $4 million Series A funding round led by Wipro Ventures and supported by Lumis Partners and current investors — The Hive and Infuse Ventures. The investment would give technology major Wipro a minority holding of 20% of the outstanding share capital of the startup that is focused on the Internet of Things (IoT) and big data technologies. The company intends to use the incoming funds to scale-up its sales and marketing functions both in India and globally. Altizon’s co-founder and CEO, Vinay Nathan, said, “This milestone and the commitment from our investors validates the belief in the growth story of Altizon as a leading innovator in the Industrial IoT space.

“With this development, we plan to take Altizon’s value proposition globally and continue to invest in our innovation edge around the Datoni platform.”

Altizon, which had minted revenues of US$45,000 approximately for the financial year 2014-15, has developed a big data platform called Datonis that “allows organizations to build connected devices” and “gain insights from device data.” As a part of the agreement, Wipro will resell the Datonis platform for global customers under the Wipro brand. In a filing to the BSE, Wipro stated that it expects to close its investment by 10 February. This is Wipro Venture’s first investment in a home-grown startup in two years. Until now, Wipro’s $100 million corporate venture arm overseen by Rishad Premji has procured stakes in four US-based startups. The move comes as software firms face an existential threat posed by start-ups focused on disruptive technologies, including artificial intelligence and cloud computing. Altizon has been buckling down to build a smart big data platform that allows organizations to make sense of data sets gathered by connecting devices. This Series A funding has opened new doors for the startup, fetching it strategic partnerships with industry stalwarts like Wipro and Kepware to further its go-to-market initiatives.