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Bengaluru-based IoT solutions provider for the automobile industry Vehico has raised an undisclosed angel investment from Calcutta Angel Network (CAN) and Appliyifi Investment Network, an online platform for startup investments.

Reportedly, both the investors will together hold around 14.2% of the startup’s equity. The capital will be used for product expansion, team strengthening, and scaling up its technology.

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CAN President Siddharth Pansari said: “This is CAN’s first investment in IoT. The market size of the automobile industry is one of the largest in the world and this will be a step forward in digitising it.”

Launched in 2015, Vehico was founded by  Abhishek Chatterjee and  is owned and operated by Metaiot Technologies Pvt. Ltd. Its flagship product Vehico Fleet is a telematics-based fleet management and analytics solution that offers companies with real-time insights on vehicle health and driver behavioural patterns. This help them to save money on fuel and vehicle maintenance and avoid accidents.

“Using our predictive analytics enabled dashboard, they can plan, budget, forecast and allocate resources beforehand thus improving upon overall efficiency,” Chatterjee said.

Earlier, in June 2016, four startups viz. Paintcollar, Meta IoT, Vahann, and One-Way-Cab raised funding through the Appliyify platform.

The development was first reported by ET.

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