Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
AngelPrime has invested $500,000 in Nimble Wireless, which specializes in IoT and M2M technologies.The company has made this to shift its focus from technology services space to broaden its focus to hardware and Internet of Things(IoT).
On this development, Shripati Acharya, co-founder of the company said, “We don’t shy away from hardware, and IoT is an area of focus for us because it offers huge opportunities. We are in talks with some startup in the segment, but nothing has been finalised yet.”
Nimble WIreless will be using these funds to develop new technologies expands its R&D capabilities and also for marketing to enable swift growth. This startup helps customer to wirelessly connect, control and manage their remote assets. The company provides connected wireless products and cloud based software services. The company is working on launching its next generation products and solutions with more advanced features and technologies which include environmental sensors, industry leading battery life and other mobile & web applications.
AngelPrime was founded in 2011 by Sanjay Swamy along with Shripati Acharya and Bala Parthasarathy. The firm is investing out of its maiden under $10 Mn fund. It typically invests in 3-5 startups a year and aims to close a maximum of 10 deals with the current fund. It also offers its startups operational expertise, mentorship and other support including business operations, PR & marketing, finance and legal.
AngelPrime’s portfolio companies include cloud telephony startup ZipDial, mobile PoS firm Ezetap, online marketplace for talent discovery and recruitment HackerEarth, online marketplace for asset sellers and buyers SmartOwner, and local web marketing solutions startup Synup.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.