Indian Angel Network (IAN), has invested $350K in a Mumbai-based AdStringO Software, a mobile compression software company. This funding round was led by IAN investor members Arihant Patni, Vishal Khare and Viswanath Ramachandran. AdStringO endpoint compression helps enterprises penetrate the rural market by providing solutions that enable ease in the on-boarding & servicing of customers.
AdStringO Software will use the investment to strengthen its research and development team in order to discover other new useful possibilities and further build on its advanced and robust technology solutions as well as increase marketing awareness about its revolutionary product. Also, the company’s growth plans include expansion to other emerging countries where connectivity is a challenge for managing data.
Lead investor in AdStringO, Vishal Khare, said, “AdStringO’s innovative compression technology ensures high quality data transmission from all categories of mobile devices. Truly life changing!”
AdStringO Software was co-founded by Mohan Chandrasekaran and Sankar Mahalingam in September 2014. AdStringO is an endpoint compression software company that helps enterprises in on-boarding & Servicing customers with better-organized data management. A mobile equipped with AdStringO software helps the user to easily operate, scan documents and upload it directly to the headquarters. The stand out point of the software is that, it can work even in low bandwidths such as 1G & 2G network.
With AdStringO, field representatives or customers themselves can capture documents, Images, Audio & Video using Scanners, Web-Cam & Mobile phones then compress to 1/10th the file size, i.e., up to 96%, without losing aspect ratio and Meta data to initiate critical business processes at the transaction point itself. The time taken to activate an account or pass a loan document has been reduced to merely 4 hours, which earlier used to take around one week to one month even on 1G/2G networks.
At a time when India’s telecom infrastructure is still to get robust enough to provide 3G and LTE services, the hinterland is increasingly getting on the internet with 1G and 2G networks. This is where AdStringO Software plays an important role of providing disruptive technology for rural markets, on the existing infrastructure.
Viswanath Ramachandran, IAN investor in AdStringO Software, said, “ Along with AdStringO’s disruptive solution and well experienced team leaders-. We see great opportunities for AdStringO not only in India but also overseas.”
Indian Angel Network is India’s only national, nimble and Asia’s largest business angel investors network of over 350 business angels investing in startups, early stage ventures. Through IAN entrepreneurs can gain access to the vast business network of IAN’s influential members, strategic direction, and operational guidance apart from financial investment which is critical for creating large, valuable companies. Over the last 3 years, IAN has invested in 64 companies with a total outlay of $38Mn.