IDG Ventures India & Sasken to invest $6m in spin out entity “ConnectM Technology Solutions”

Sasken Communication Technologies Ltd. (Sasken) and IDG Ventures India, a $150 million technology venture capital fund, today announced the launch of ConnectM Technology Solutions Pvt Ltd (ConnectM) for providing Machine 2 Machine (M2M) enabled solutions to global markets.

ConnectM is a niche player in the growing remote diagnostic and monitoring market and is well positioned to lead in this space. ConnectM will enable clients to benefit from increased availability through remote after market applications enabling predictive maintenance powered by M2M”.
The addressable market is expected to scale to $13Bn by 2010. ConnectM’s vertical industry segments include Transportation, Utilities, Industrial, Enterprise and segments enabled by M2M. Specifically within transportation, ConnectM addresses the aerospace, automobiles and railroad markets. ConnectM’s service offerings range from fleet management, telematics, remote asset management, energy usage optimization, pilferages & theft tracking, to after market services and remote monitoring.

This is IDG’s second venture after Kreeda. More on this deal here

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