Two wheeler auto giant TVS Motors has pumped $3.85 Million in IOT and machine learning startup TagBox. The funding round was completely spearheaded by TVS Motor Company and its Singapore based subsidiary firm. The round saw no participation or investment from any other investors.
TagBox is the second IOT startup to receive funds from TVS Motors in recent weeks. Barely a week back, the Chennai based two wheeler auto giant had invested $7 Mn in IoT startup Altizon.
Headquartered in Bengaluru, TagBox intends to utilize the fresh capital infusion for R&D purposes and expanding its presence in the global market. The company is also likely to pump some capital in its two flagship products BoxLens and AssetLens. There is also a possibility that the Bengaluru firm may also invest substantial amount of capital in creating predictive analytics and automation solutions to further improve its supply chain solutions.
Commenting on latest funding round, TagBox’s CEO Adarsh Kumar in a press statement said:
“Organizations across the globe are increasingly adopting IoT and Machine Learning solutions to improve their supply chains and operations. We are excited that TVS Motor’s worldwide operations and experiences will help make our product and value proposition stronger and highly differentiated.”
TagBox is an industrial IOT startup that aims for streamlining and bringing unprecedented efficiency in supply chain management. It claims to have the prerequisite skillset to leverage cutting edge technologies like IOT and machine learning to root out unnecessary inefficiencies from supply chain network. Some of these inefficiencies include traceability of every SKU or batch, temperature compliance for cold chains, protecting physical goods from physical damage and preventing spoilage of environmentally sensitive goods.
The company was incorporated in 2016 by three ambitious entreprenurs Adarsh Kumar, Saumitra Singh and Sameer Singh. The startup initially wanted to focus only on cold supply management but later expanded its focus to on other supply verticals.