Chennai: AngelPrime, a seed-stage venture capital fund based in Bengaluru on Wednesday announced an investment of $500,000 in Chennai-based Nimble Wireless.
Nimble Wireless offers ‘Internet of things’ to its customers—transportation, logistics, telecom infrastructure, green energy and healthcare verticles—to wirelessly connect, control and manage their remote assets. The start-up will use the money to develop new technologies, expand research and development capabilities and strengthen its presence in the US, it said.
The company provides machine-to-machine and connected wireless products and cloud-based software services encompassing cellular, global positioning system, and bluetooth and Zigbee technologies.
The partnership with AngelPrime comes when the company is working on launching its next generation of products and solutions with more advanced features and technologies such as advanced environmental sensors, bluetooth low energy, industry leading battery life, location accuracy and user-friendly mobile and Web applications, said Siva Sivakumar, co-founder and CEO of Nimble Wireless.
The company hopes to leverage the expertise of AngelPrime team in accelerating the scaling up process and build leadership in our existing markets, both in the US and in India, he added.
“We see a huge potential for companies in the Internet of things segment in India and Nimble Wireless has been growing exponentially over the last two years with a strong leadership team,” said Shripati Acharya, managing partner, AngelPrime.