Delhi-based early stage investment firm, growX Ventures has led a USD $500K seed round for i2e1, a smart network layer and data management platform. As a part of this fund-raise, MD and CEO of growX, Sheetal Bahl will be joining the Board of i2e1.Commenting on the same, she said,
i2e1 is led by a very strong team with a grand and audacious vision – to do to the network layer what companies like Facebook have done to the application layer – free it up, in exchange for data allowing for a more meaningful connect between merchants/ brands and their consumers.
Apart from growX, the seed round also saw participation from renowned angel investors such as Mohandas Pai, Rajan Pandhare, Debasish Mitter, and Singapore Angels.
We are really happy to have a great mix of investors who have really involved themselves in the business and are helping us in manners above and beyond the financial aspects.We hit a chord with growX, one of the most professional and entrepreneurial early-stage investors, on the first day itself.
said Satyam Darmora, Co-founder of i2e1.
The money will be used by i2e1 for ramping up its operations, analytics platform, and expand its team.
i2e1 aims to provide low cost/ free internet to consumers and actionable analytics to providers by leveraging low cost technology solutions combined with the power of Big Data and Machine Learning systems . It was incubated at IIT-Delhi, which is also a shareholder in the company.
The model of i2e1 is based on innovation at the hardware front to dramatically reduce the cost of network delivery through cloud-based, remotely manageable plug and play devices.
It leverages advanced machine learning systems to create valuable insights and increase revenue and profitability for brands and merchants. Satyam says,
At i2e1, we are challenging ourselves to create a model which will bridge the information gap for at least 500 million people over the next 5-7 years. Our aim is to build a connected ecosystem where information is available to everyone, at the right time and the right place, to enable better and faster decision-making.
i2e1 is currently live across India with 100+ paying clients, including leading retail outlets, ISPs, and fast growing organizations in the hospitality industry like ZO rooms. Additionally, it has partnerships in place to help it scale up to 5,000+ locations next year.