New Delhi-based smart home and security solution startup Cubical Laboratories, on Wednesday (December 12), announced that it has raised an undisclosed amount from early-stage venture capital firm Rockstud Capital in a Pre-Series A round.
However, Cubical Laboratories said that it has secured the capital at a valuation of $11 Mn (INR 78 Cr), as per a VC Circle report.
The company will be utilising the funds for day-to-day operations to develop wireless, cost-effective, safe and smart home solutions.
Cubical Laboratories was started by Dhruv Ratra and Swati Vyas at the Indian Institute of Technology-Guwahati in 2013. Cubical offers internet of things (IoT)-enabled products for homes such as lighting controllers, temperature and light sensors, gesture control and energy monitoring devices.
Abhishek Agarwal, the founder and angel investor of Rockstud, said that the market opportunity is immense. However, due to price and incomplete technology, a lot of players in the space lack the ability to deliver quality results.
Rockstud was incepted in 2018. It is a sector-agnostic fund that focuses on the pre-Series A funding stage startups. Prior to this, Agarwal has invested in numerous startups, including analytics startup LogiNext Solution, retail pharmacy chain Wellness Forever, product recommendation platform Unbxd and food-tech startup The Bohri Kitchen.
In recent times, IoT startups have been getting a lot of traction in the Indian market with bigger players, investors and companies funding, acquiring and collaborating to create meaningful outcomes in the smart home automation landscape. In September 2019, Bengaluru-based smart building solution provider 75F received $18 Mn in Series A funding led by Breakthrough Energy Ventures and Climate Initiative. The round saw other investors like Building Ventures, Revolution’s Rise of the Rest Seed Fund, and Clean Energy Trust.
In June 2018, Mumbai-based home automation startup Picostone raised an $8 Mn funding (INR 5 Cr) from Metaform Ventures, Arise Ventures among other Indian angel investors.
According to the Research and Markets report, the Indian home automation market is expected to touch $4.3 Bn (INR 30K Cr) by 2022. It also stated that residential customers have the highest market share. In the product category, the security market is a clear winner.