Flutura Business Solutions, a startup which provides data analytics service for Internet of Things-based products, has secured $7.5 million in its latest funding round led by Vertex Ventures — the investment arm of Singapore’s Temasek Holdings.
Further, the company also saw participation from private investment fund Lumis Partners and the startup’s existing investor The Hive, a Palo Alto-based seed fund. This funding round is one of the largest rounds in the recent times in IoT sector.
Commenting on the investment, Ben Mathias, Managing Director at Vertex Ventures said,
Flutura has demonstrated that it can build world-class technology that is adopted by corporations globally. Their ability to compete and win against global behemoths clearly proves their depth of market understanding and focus on innovation. We are excited to work with Krish, Derick and Srikanth in this bold endeavour.
The Bengaluru-based startup will utilise the newly raised funds for global expansion. The startup will expand geographically in the UK, and extend product offerings to its existing set of customers. Flutura Solutions already has a strong presence in the US, India, and Japan.
The startup was founded by Srikanth Muralidhara, Derick Jose, Krishnan Raman in 2012. Further, it claims to be the first Decision Sciences Company at the cusp of M2M and Big Data Analytics.
Flutura specialises in decision analytics for the energy and engineering sector, leveraging the industrial IoT technology. It counts Henkel, Siemens, and Philips Solar among others as its clients.
Talking about the fundraising round, Flutura’s co-founder and CEO Krishnan Raman said,
The industrial IoT sector, that we are targeting, has a huge untapped opportunity and our existing solution of providing analytics to predict machine failure is only the beginning of what could be done.
The company has also partnered with large machine manufacturers such as Hitachi, Dell, Intel and SAP to deliver its analytics solution over cloud and on-premise. It also specialises in providing edge intelligence and central intelligence to machines, meaning that large equipment can be trained to react in certain ways in given situations.
As for Vertex Ventures, this is the second investment from the venture capital firm in the Indian market in the past six months. Prior to its investment in Flutura Business Solutions, the VC firm led a $6 million round in customer analytics startup CloudCherry back in September.