IoT-based border security solutions provider CRON Systems has secured an undisclosed amount in its Pre-Series A round of funding from early stage VC firm, YourNest. This is YourNest’s maiden investment from its recently launched investment fund, Fund II.
The raised funds will be used to develop its R&D team, hiring new members, and venture into new markets across Middle East, Africa, and Europe.
Launched in 2015 by Tushar Chhabra, Saurav Agarwala, and Tommy Katzenellenbogen, CRON is a deeptech-based startup that deploys security solutions for border defense and commercial security applications. The company claims to be already working with the Border Security Force (BSF) and the Indian Army, where its solutions are used to secure the international borders as well as the perimeter of sensitive installations like army camps, airports etc.
Tushar Chhabra, CEO, CRON Systems said, “At CRON, we have developed one of the most-sophisticated and accurate perimeter security systems in the world. It has multiple elements, all of which combine to offer impenetrable surveillance to any kind of facility/border. We have seen a tremendous response for our products from different quarters and will continue to innovate further. With YourNest on board and their guidance, we expect to grow at a rapid pace across in both defense and commercial markets in India and abroad.”
The company offers IoT and laser-guided intrusion detection systems that can distinguish and report both human and mechanical intrusions. It combines deep research in lasers, data, artificial intelligence, encrypted communications, and automation to offer accurate intruder detection and deterrence infrastructure.
Commenting on the investment, Girish Shivani, co-founder, executive Director and fund manager, YourNest India said, “As a fund, our mandate is to invest in deeptech and innovative companies in the sectors of tomorrow, therefore, investment in CRON perfectly fits our investment thesis. Their products have already been deployed in real-life hostile territory and have been saving numerous lives at our international borders. We are sure they will make a huge mark for themselves going ahead, in both domestic and international markets.”
It currently offers integrated intrusion detection and smart fencing solution, comprising laser walls, and surveillance drones. As per an official statement, it has also partnered with an Israeli company to develop automated patrolling rovers and trucks.
In the coming future, the company plans to secure India’s 15,000 km-long border. On the commercial front, it aims at securing more than 4,500 warehouses, IT parks, housing societies etc.
In September 2016, YourNest launched a second fund with $45.12 Mn (INR 300 Cr) corpus. The new fund aims to increase its focus on early stage startups, and a corresponding rise in the amount of investment in each startup. Earlier today, Inc42 reported that IoT-based security services provider, SmarterHi Communications secured an undisclosed amount of funding from a Singapore-based investor for a minority stake.
