Einsite, an internet-of-Things (IoT) based start-up that is working to provide innovative solutions for construction and mining industries has raised a seed round from KPCB Edge.
The funding has taken the form of uncapped convertible notes in the range of $100,000-200,000. The association with KPCB meanwhile is quite significant and Kleiner, KPCB’s parent, has been known to make good investment choices including companies like Uber, Amazon and Snapchat.
Speaking on the topic, Anirudh Reddy, CEO of Einsite, who founded the company with his brother Rajiv, 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 company doesn’t have a product in the market just yet, but work is on and thanks to the impetus provide through this seed round, Einsite hopes to get its product ready for the market by early 2017.
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.
The company is currently being piloted with Gayatri Projects, which like Einsite, is also based in Hyderabad. Meanwhile, it is also in talks with other construction companies in India and abroad along with a bunch of early stage investors that can help Einsite scale its product.
We are building Internet-of-Things (IoT) technology to make the construction and mining industries smarter. Our product is under development so we’re keeping it under wraps.