SwitchOn, an AI-enabled industrial IoT (Internet of Things) platform, has raised $1 million in seed round of funding led by pi Ventures, an applied AI, IoT and blockchain focused early stage venture fund. Axilor and Chennai Angels were other participants in the round.
Founded by Aniruddha Banerjee and Avra Banerjee in 2017, the Bengaluru headquartered SwitchOn helps manufacturing industries identify plant-level bottlenecks and improve equipment efficiency. Industries can create digital twins of their heavy assets, monitor and predict availability and performance hurdles in advance, thus ensuring better efficiency for the equipment and the plant.
SwitchOn will use the funds for strengthening the edge-compute architecture, expanding the team and market adoption in India and other countries in the EU (European Union) and APAC (Asia Pacific) region.
“SwitchOn is leveraging xpertise in hardware and software design to create edge solutions for increasing transparency, reducing turn-around, and improving quality on the shop-floor of manufacturing industries to achieve operational excellence,” said Aniruddha Banerjee, co-founder, SwitchOn.
"What attracted us to invest SwitchOn was their clear understanding of the technology and customer needs. Another winning point was their minimally intrusive solution, the need of the hour in the Industrial IoT space," said Manish Singhal, founding partner, pi Ventures.