The rapidly growing start-up sector has birthed no less than 25 unicorns this year so far, and things do not seem to be changing anytime soon. The tech industry has been one of the main recipients of the growth, and Bengaluru-based start-up Syook is the latest example of this phenomena, having raised $1 million in its Series A funding round from ONGC and Inflection Point Ventures.
The proceeds from the funding round will be used to fuel the start-up’s expansion in the international markets, especially in South-East Asia and the Middle East, as well as hire talent for the engineering team.
“The pandemic has put the limelight on digital transformation. Organizations around the world are looking at tech solutions to remain competitive. We have seen 2X growth in the revenues of the entire last financial year into our order book in just the first 3 months of this FY. We are also growing outside India, especially in the Middle East and South-East Asia,” said Arjun Nagarajan, Co-Founder, and CEO of Syook.
Founded by Saurabh Sharma, Aman Agarwal, and Arjun Nagarajan, the industrial IoT (Internet-of-Things) start-up has come a long way from conducting operations from a sole factory in North India and currently works with reputed names such as Microsoft, Bosch, Siemens, Hindustan Unilever, Reckitt Benckiser, FIAT, the TATA Group, and Accenture. It provides world-class enterprise products and solutions for businesses, helping them enhance and improve their productivity, safety, and compliance.
Its cloud-agnostic RTLS (Real-Time Location System) platform is used in manufacturing, logistics, auto, and the Oil and Gas sector. The RTLS is Syook’s flagship product, offering a modular and no-code platform that improves operational efficiency.
Agarwal, who is also the CTO of the start-up, said that their platform had been providing operational efficiency and gains from the first day and was easy to deploy.
“Syook has been working relentlessly for the last 2 years to drive the impact of real-time location analytics to its customers. We have been watching them grow as they entered a high growth trajectory by signing some of the most respected brands in India as their customers and partners. This fast growth needs patient capital and more support to realize its ambition to go international. Given the pipeline visibility, we believe in the team to back them by investing again in the company,” said Vinay Bansal, Founder & CEO, Inflection Point Ventures.