Comminent Bags $2 Mn To Rollout IoT Solutions For Smart Applications

IoT solutions-focussed deeptech startup Comminent has raised $2 Mn (INR 17.5 Cr) in an undisclosed funding round from Transition VC.

Comminent said in a statement that it will deploy the fresh proceeds in ramping up its hiring efforts, strengthen its manufacturing automation and build inventory to serve the surge in demand with scale and speed.

The funding will also enable the Bengaluru-based startup to roll out its offerings in smart city applications such as smart lighting, water metering, and intelligent infrastructure management.

Founded in 2018 by Amarjeet Kumar and Vikas Kashyap, Comminent is building device agnostic IoT communications network infrastructure for smart metering, smart lighting, water metering, and intelligent infrastructure management.

Comminent builds hardware components such as NIC Cards, communication modules and DCUs which are used to build IoT networks. Besides, it also offers a software management system which stores data on a cloud infrastructure. The startup offers its services to various industries and businesses.

The startup claims to have procured contracts to deliver 1 Mn endpoints and further expects that on the back of the ongoing conversation and demand surge, it would touch the INR 300 Cr revenue mark by FY28.

India’s IoT Solutions Market On Growth Trajectory

The funding comes on the back of the growing demand in the IoT space in India. The IoT solutions market is expected to breach the $3 Bn mark by 2033.

However, Comminent is not the only player competing in the market. Other players like Probus and Datoms are also eyeing to take a pie of the IoT solutions market share in India.

While Probus offers IoT solutions for grid and distribution monitoring and automation, Datoms offers its IoT services to OEMs for asset management and monitoring.

Water purifier maker Boon also uses IoT and AI-based solutions which helps its customers to know the health of their purifier and track service cycles.

While the deeptech sector has been quite negated by the domestic inventors, it is now seeing some push. Deeptech focussed-VC firms Speciale Investors and Yali Capital launched their INR 600 Cr and INR 893 Cr fund, respectively to back deeptech innovations in the country.

The Centre’s 1 Lakh Cr fund for R&D will also give a thrust to the development of the deeptech space in the country.

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