IoT-based security services provider, SmarterHi Communications has secured an undisclosed amount of funding from a Singapore-based investor for a minority stake.
The funding will be used to develop its R&D, sales, and marketing team.
Launched in 2014 by Srini Narayanan and Pradeep Vasudev, the startup’s flagship product, Assertion is a B2B security audit solution for large enterprises and contact centres. Assertion is a security and compliance system that aids its users to adopt a policy-oriented approach to communication systems security.
Commenting on the investment, Srini Narayanan, CEO and co-founder, SmarterHi said, “We were trying to figure out the right investor for our company, and were very clear that the critical element in finding an investor was finding the right entity – someone who understood that enterprise software is a long-gestation game, demanding patience and sustained effort.”
The product enables the process of automatically checking if enterprise communications products comply with policies that are sought to be enforced by management. As per an official statement, Assertion has already been adopted by a global bank in Singapore.
In March 2016, IoT startup Einsite raised seed funding from KPCB Edge. In July, Ahmedabad-based logistic IoT startup, Locanix raised $294K(INR 2 Cr) from private investors and a government scheme. Locanix builds innovative solutions using GPS location information. Nasscom 10,000 Startups also formed an alliance with IvyCamp to bolster IOT startups in India in June 2016.