Enterprise tech Syook raises $1 million from IPV and ONGC in Series A round
- Syook helps large enterprise companies with their digital transformation journey in operations across the supply chain using their modular, no-code-IOT platform
Mumbai: Bengaluru based enterprise tech startup Syook has raised $1 million from Inflection Point Ventures (IPV) and Oil and Natural Gas Corporation (ONGC) in the Series A round.
Syook helps large enterprise companies with their digital transformation journey in operations across the supply chain using their modular, no-code-IOT platform.
Vinay Bansal, founder & CEO, Inflection Point Ventures says, “Syook has been working relentlessly for the last two years to drive impact of real time location analytics to its customers. We have been watching them grow as they entered a high growth trajectory by signing some of the most respected brands in India as their customers and partners. This fast growth needs patient capital and more support to realize its ambition to go international. Given the pipeline visibility, we believe in the team to back them by investing again in the company.”
Funds raised in this round will be used to pursue growth in the international markets especially in the middle east and southeast Asia. A significant part of the funds will also be used to enhance and scale up the engineering team.
The company works with giants like Hindustan Unilever, Reckitt Benckiser, FIAT and the Tata group as some of its customers.
Commenting on the investment, the Startup Team at ONGC said “We are supporting startups that have an application in the Oil and Gas sector. We are really happy with the safety, productivity and compliance gains that Syook provides at customer locations. This has a lot of applications both in the upstream and downstream of the energy sector.”
Syook’s operating system is built on top of the company’s proprietary RTLS (Real Time Location System) platform. The platform offers a modular and configurable (no-code) platform for improving operational efficiency across sectors. This platform can be configured in just a few hours to address losses related to productivity, safety and compliance at the workplace. Few key sectors where the platform is being used are oil and gas, manufacturing, auto and healthcare.
Arjun Nagarajan, co-founder and CEO of Syook said, “The pandemic has put the limelight on digital transformation. Organizations around the world are looking at tech solutions to remain competitive. We have seen 2X growth in the revenues of the entire last financial year into our order book in just the first 3 months of this FY. We are also growing outside India, especially in the Middle East and South-East Asia.”
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Business NewsCompaniesStart-upsEnterprise tech Syook raises $1 million from IPV and ONGC in Series A round
First Published:24 Aug 2021, 11:23 AM IST
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