KritiLabs Tech raises pre-Series A round from Pontaq

KritiLabs Technologies Pvt Ltd, which is a Chennai based remote asset management IoT start-up, has raised an undisclosed amount in a pre-Series A round led by Pontaq, which is a cross-border innovation fund that invests in early-stage technology businesses in the UK, India, the US and Canada.

According to the company, the funds will be utilised by the company to increase the market adoption of ALS (Advanced Learning Solution), its patented, Made-in-India IoT platform for remote asset management. ALS aids in securing transportation of high value cargo, asset tracking, process and compliance requirements and productivity improvements in industries such as oil and gas, dairy, jewellery, minerals and chemicals, and financial services.

According to Mr Srikrishna Varadharajan, Co-founder, KritLabs, that KritiLabs was at an inflection point and was poised to expand to over 120 cities in India and across the globe in the next 12 months with over US$ 72 billion of assets managed annually.

More than 20 graduates and engineers have been employed by Mr. LN Rajaram, Co-founder, said KritiLabs and it is expected to employ more than 1,000 in the next one year.

Prem Barthasarathy, Managing Partner, Pontaq, said KritiLabs displayed a combination of domain expertise, unique technology and high entrepreneurial energy to address a massive global problem. They were seeing a strong pull for such a solution from some of the markets Pontaq operated in.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.