Deeptech Startup ZestIoT Bags $6.5 Mn Funding From IvyCap Ventures, Loyal VC

Deeptech startup ZestIoT has raised a funding of $6.5 Mn (INR 51 Cr) in its Series A round, led by IvyCap Ventures. The funding round also saw participation from global venture fund Loyal VC. 

The startup said it plans to utilise the fresh funds to double down on AI-driven automation to reduce aircraft turnaround time and enhance passenger experience in the aviation industry.

Founded in 2016 by Amit Sukhija, ZestIoT is an IoT and AI powered aviation platform which helps the aviation ecosystem digitise last-mile operations, enhance operational efficiencies, and introduce predictability in day-to-day operations, 

Headquartered in Hyderabad, the company’s GroundRadar platform brings together airlines, airports, and handlers to collaborate and increase the speed of aircraft turnaround while maintaining operational efficiency and safety. 

The startup claims to help not only the aviation industry but also manufacturing and oil and gas industries  to enhance the safety and security of daily operations by driving operational efficiencies through its NoCodeAI platform.

“With growing demand from the aviation and manufacturing sectors, we see a strong push for automating operations and empowering the workforce for smarter decision-making. With the help of advancements in sensors, edge computing, and various communication technologies, we foresee a new wave of innovative use cases being developed by our customers using our platform,” Sukhija, founder and CEO of ZestIoT, said.

There has been a sharp rise in the number of deeptech startups in the country over the last few years. These startups are also seeing increasing interest from investors. Earlier this month, pi Ventures said it has received a commitment of INR 100 Cr from SIDBI-managed Fund of Funds for Startups (FFS). The early-stage venture fund said it would invest the funds in AI and deeptech startups.

In February this year, deeptech startup Intangles Lab raised a funding of $10 Mn. Before that, another deeptech startup Myelin Foundry raised $3 Mn in a Series A funding round led by automotive electronics major Visteon Corporation. 

Meanwhile, the government has also been looking to scale the country’s burgeoning deeptech ecosystem. Minister of State (MoS) for Electronics and Information Technology (MeitY) Rajeev Chandrasekhar said last year that the government will launch the ‘Digital India Innovation Fund’ to support deeptech startups in the country. 

In her Budget speech, Finance Minister Nirmala Sitharaman announced setting up of thematic funds for ‘sunrise’ sectors, including deeptech.