Bengaluru and California-based enterprise tech startup focused on field operations — Zinier, on Thursday (January 16), announced that it has raised $90 Mn (INR 638 Cr) in Series C funding led by tech-focused investment fund ICONIQ Capital.
The funding round also witnessed participation from the US-based Tiger Global Management and existing investors such as Accel Partners, Founders Fund, Nokia-backed NGP Capital, France-based Newfund Capital and Qualcomm Ventures LLC.
The company will be utilising the funds to expand its platform globally, including Australia, Brazil, Chile, France and the Iberian Peninsula. The company also plans to focus on product enhancement and development; augment its platform across various industry verticals, including telecom, energy and utilities and others; and partner with leading system integrators around the world.
Zinier was founded by Andrew Wolf and Arka Dhar, along with Girish Mysore and Matthew Nolan in 2015. The company offers an AI-driven platform called ‘ISAC’ that helps businesses to tackle every aspect of field service operations across industries. Till date, the company has raised $120 Mn funding.
“As margins shrink and the volume of work continues to rise, it’s critical for enterprises to have real-time visibility into the field and drive productivity by automating routine work,” said Dhar.
Currently, Zinier offers its platform as a service (PaaS) to global companies like Black & Veatch and Car-Sa. It has also formed a strategic alliance with system integrators like Capgemini and Tata Consultancy Services among others.
At present, enterprises are leveraging AI and machine learning products to eliminate mundane tasks. Majority of companies are now looking at ways to automate their work to enhance productivity, improve operational efficiency and reduce cost. According to Mordor Intelligence report, the enterprise AI market was valued at $1843.69 Mn in 2018 and is expected to reach a value of $22889.32 Mn by 2024, growing at a compound annual growth rate (CAGR) of 52.17%, during the forecast period (2020 to 2025).
According to DataLabs by Inc42, the enterprise tech space received a total funding of $1.15 Bn across 114 deals in 2019. The sector recorded a 49% surge in total funding amount compared to 2018 whereas the deal count plunged by 10% during the same interval.