Einsite, the California-registered firm that designs Internet-of-Things (IoT) based solutions for the construction and mining industries from its development centre in Hyderabad, has raised an undisclosed amount of seed funding from KPCB Edge.
KPCB Edge is the early-stage investment arm of Silicon Valley-based VC firm Kleiner Perkins Caulfield Byers which has backed technology companies like Uber, Amazon, Snapchat, etc.
Anirudh Reddy, founder on Einsite said, “IoT is very fragmented and usually relies on customised solutions for each specific vertical which long-drawn and expensive process which hasn’t been tested earlier. With our product we are focused on bridging the data flow across locations in the verticals of highway construction and mining.”
The current round of funding in the form of uncapped convertible notes in the range of $100K-$200K will help Einsite get its product ready for the market by early 2017.
After running the pilot with Gayatri Projects in Hyderabad, Einsite is in talks with other construction companies in India apart from a few clients in the Middle-East. The company is in discussions with other early stage investors to scale up the production.
“We have outsourced the assembly and manufacturing of the product. Some of the modules and sensors are sourced from China while the fabrication of basic chip-board and boxing is done in India,” says Reddy.
The development was first reported by ET.
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