IIT Bombay incubated Covacsis Technologies has raised series B funding from GenNext Ventures- the VC arm of Reliance Industries and networking giant Cisco. Existing investor Blume Ventures also participated in the round.
Covacsis had raised Rs 2.5 cr from Blume Ventures, India Venture Partners and an undisclosed European fund in 2012.
The company has customers like Sun Pharma, Ipca Labs, Cipla, Godrej Industries, Tata Chemicals, Welspun, Raymond Limited and Ruby Mills. It was looking to raise $5-6 mn in the next round at the time.
“We’re excited about Covacsis’ products and readiness for large markets and we’re more than happy to play alongside these 2 deep pocketed investors,” Karthik Reddy, Managing Partner at Blume Ventures said.
Covascis was founded by Tarun Mishra, a 1999 IIT-B graduate and it was incubated in IIT Bombay in 2009. Covacsis helps manufacturing plants optimize their operations with the help of sensors and analytics in real time. This is right up the alley of the likes of Cisco (recently announced a $100 mn Internet of Things fund).
Reliance, which has multiple manufacturing related businesses seems like a strategic investor in the company. GenNext Ventures hasn’t announced any big investments recently. The deal was reported by Techcircle.
Quite a few startups that fall in the Internet of Things category have been coming up in India recently. MagnetWorks, which launched at UnPluggd is another startup which does similar things. Intellocut another startup which launhced at UnPluggd and was funded by Blume Ventures operates in the textile industry.