The additional funding will be used to increase the company’s focus on deep technology AI-driven automation, grow its talent pool, go global, and give customer success first priority.
Early in 2011, the Indian start-up ecosystem was still in its infancy, peppered primarily with PE firms and Angel Investors, with only a few Venture Capital funds supporting the expansion of start-ups.
IvyCap was founded as a result of the demand for a venture capital fund that supports startups throughout their growing life cycle while also adding value for all ecosystem stakeholders, from the entrepreneur to the investor to society at large.
ZestIoT, a Hyderabad-based company, creates IoT- and AI-enabled solutions for the aviation sector that may be applied to asset tracking and passenger management tasks. The company offered the following 4 products as of January 2018: AviTag, AviTag, AviLeap, and AviX. AviLeap is a solution that can be used for tracking the remote and mobile assets in real time. AviX is a solution that offers contactless and paperless access control along with retail analytics and personalised royalty programmes. AviQ is a solution for improving passenger flow at airports and reducing wait time in queues, and AviTag is a solution for baggage tracking and inventory management.
A real-time asset tracking system called AviLeap can be used to keep track of mobile and remote assets. In addition to retail analytics and customised royalty schemes, AviX is a technology that delivers contactless and paperless access control. AviTag is a tool for managing inventories and tracking luggage, whereas AviQ is a tool for streamlining passenger flow at airports and decreasing queue wait times.
ZestIoT, an Internet of Things (IoT) and artificial intelligence (AI) powered aviation platform, has raised $6.5 million in a Series A round led by IvyCap Ventures, at a time when AI businesses are progressively gaining appeal among investors globally.
In the round was also a major international venture capital firm named Loyal VC.
The additional funding will be used to strengthen the company’s focus on deep technology AI-driven automation, increase its talent pool, pursue international expansion, and give customer success first priority.
Ground Radar, a tool created by Amit Sukhija and launched by ZestIoT in 2016, connects airlines, airports, and handlers to work together to speed up aircraft turnaround while ensuring operational effectiveness and safety. The Hyderabad-based start-up oversees 9,000 employees, 600 pieces of equipment, and more than 600 flights every day. With the help of the NoCodeAI platform, the industrial and oil and gas sectors may improve the security and safety of routine operations.
Ashish Wadhwani, the managing partner and co-founder of IvyCap, will join the startup’s board after this round. ZestIoT’s founder and CEO, Amit Sukhija, stated: “We anticipate a new wave of creative use cases being developed by our clients using our platform with the aid of developments in sensors, edge computing, and other connectivity technologies. This additional investment will help us advance our goal of empowering the aviation ecosystem with last-mile digitization and automation by providing airports, airlines, and handlers with a variety of use cases based on their unique digitalisation journeys.
Moreover, ZestIoT is expanding its range of services to the manufacturing sector, enabling clients to use its AI + IoT automation platform to create high-quality goods at low costs while ensuring operational safety.
The founder and managing partner of IvyCap Ventures Advisors, Vikram Gupta, stated that ZestIoT “has pioneered the digitalisation of last-mile operations, employing its cutting-edge deep tech platform and specialised solution to automate processes and give real-time information…We have every confidence that ZestIoT will be able to provide a grassroots solution to this issue and establish itself as a market leader. We are ecstatic to aid in their development and help them expand to become the dominant force in this market.