Mumbai: Indian Angel Network (IAN) on Thursday said that it has invested $350,000 in Mumbai-based mobile compression software start-up AdStringO Software.
AdStringO provides data compression software that helps firms reach rural customers more effectively over mobile networks. The investment round was led by IAN investor members Arihant Patni, Vishal Khare and Viswanath Ramachandran.
AdStringO will use the investment to strengthen its research and development team to further build on its technology solutions as well as on marketing its product. The firm’s growth plans includes expansion to other emerging countries.
“We believe that AdStringO’s potential is to revolutionize the digitization and transmission of data on the mobile for the large rural market. Its innovative compression technology ensures high-quality data transmission from all categories of mobile devices,” said Khare, lead IAN investor in AdStringO.
AdStringO was co-founded in September 2014 by Mohan Chandrasekaran and Sankar Mahalingam. Chandrasekaran was previously chief technology officer at Reliance Capital Ltd.
According to Chandrasekaran, the firm has 10 customers across multiple sectors, including consumer packaged goods, banking, financial services and insurance. “We are working with clients such as L&T, Johnson & Johnson, Angel Broking, Electrolux and Haffale,” he said.
The product is currently only business-to-business, but the firm is working on a prototype for the business-to-consumer market and plans to launch it around September, said Chandrasekaran. The firm also plans to raise funds in a $3-5 million Series A round then, he said.
Prior to the IAN round, the company raised a small angel round from angel investors Bharat Banka, Anoop Mathur and Sanjay Mehta. They have invested fresh capital in the firm as part of the IAN round.