Chariot, an Internet of Things (IoT) startup received Rs 2 crore in a Pre-Series A funding round led by international venture capitalist firm, GEMs Partners. The capital raised will serve to service existing and future clients, to improve their technology and expand to newer markets.
This investment by GEMs partners will help us in further consolidating our reach at the global level, upgrading in-house technology platform, infrastructure and products, and also in pushing internal growth,
said co-founder and CEO of Chariot, Nilay Mehrotra.
Chariot is an innovative startup that provides end-to-end solutions by creating an IoT infrastructure through its platform and devices that connects to every sensing device and delivers patterns in data streams by comparing data results from the machines and sensors. Some of the existing solutions Chariot provides are smart metering and smart parking based on state-of-the-art technologies. It presently registers an average month-on-month (MOM) growth of 45% and in the long-term plan will look to work with governments and consumers in making life more comfortable and efficient with its use of newer technologies.
Our products are designed to exemplify the intelligence of AI and efficiency of Machine Learning, all of which are being combined to formulate a smart ecosystem providing real-time data insights for the tasks at hand,
claims co-founder and CTO of Chariot, Raj Garg.
Chariot delivers services such as Platform-as-a-service (PaaS) and Software-as-a-Service (SaaS) solutions for quick development and operation of big data and predictive analytics. Chariot is already credited for executing a smart water metering project in Maharastra as well as other diverse projects including Automated Parking Systems, Smart Gas Management, Smart Waste Management and more.