2 Feb 2016 Pune, India – Wipro has decided to invest $4 million in Altizon Systems, a leading IoT firm based in Pune. Altizon’s Datonis platform has been touted as a game-changer for manufacturing and cleantech sectors. The platform is based on monitoring, predictive maintenance and machine learning.
The company plans to use this fund to ramp up its sales and marketing functions in India and also at the global level.
Altizon’s co-founder and CEO, Vinay Nathan says, “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.”
The latest investment assumes importance in the wake of India’s tech firms betting aggressively on emerging technology. Infosys technologies has recently acquired US-based data startup Waterline Data Science.
“We are seeing increasing adoption of IoT technologies across our customer base. The Altizon investment represents our commitment to investing in companies building disruptive technologies,” said Biplab Adhya, Vice President and Co-Head, Wipro Ventures.
Wipro’s move is strategic in the sense that it will enable them to have a capability of connectivity kits, a device management layer, a highly-scalable, real-time, and alerting and monitoring services. It has now footprints in the domain of predictive Analytics and machine Learning solutions.
The global IoT market is fast growing and it’s expected to touch $1.7 trillion by 2020, according to a report by IDC. The share of devices, connectivity, and IT services will have a two-thirds share in this market.