Tagbox raises $3.85 million in the series A funding round led by TVF Motor
TVF Motor has invested $3.85 million in the supply chain IIot (industrial internet of all things) company, Tagbox in their series A funding round.
The company plans to use the raised capital for funding their R&D so as to boost their product innovation.
Before investing in tagbox, TVS had evaluated various companies that provide IoT solutions in the logistics and supply chain market and came to the conclusion that Tag box offered the best solutions which were an amalgamation of IoT, closeloop AI and machine learning.
TVF Motor has invested $3.85 million in the supply chain IIot (industrial internet of all things) company, Tagbox in their series A funding round. This round was predominantly led by TVS motor and its subsidiary TVS Motor (Singapore) Pte. This transaction is expected to complete by May 15th.
Tagbox was started with the aim of helping organizations make their supply chain more reliable and effective using IoT based machine learning, monitering advanced analytics and control. The company plans to use the raised capital for funding their R&D so as to boost their product innovation. They are also seeking to increase the presence of BoxLens and AssetLens platforms globally. They are also in the process of developing new automation solutions and predictive analytics.
Before investing in tagbox, TVS had evaluated various companies that provide IoT solutions in the logistics and supply chain market and came to the conclusion that Tag box offered the best solutions which were an amalgamation of IoT, closeloop AI and machine learning. Out of the total investment, $1.61 million was invested by TVS motors and $2.25 was put in by its Singapore unit.
TVS board member, Rajesh Narasimhan said that this investment was in fact a part of a series of initial investments that their company was making in apposite digital startups. They also added that they were happy to invest in Tagbox as they felt that their ability to enable organizations in monitoring, predicting and preventing SKU health risks with relation to supply chain was clearly different from those offered by competitive companies in the market.
TVS has been active in making investments with industrial technology companies and technology startups. They aim to accelerate their product innovations and help expand their global footprint.TVS had invested ₹1.5 crore in 2017 in the company RentOnGo which is deals with renting bikes, appliances and electronics online. They received a 24% stake in returns on their initial investements. In 2018, TVS motors brought a stake of 5.6% In Condivison solutions Pvt limited for ₹50 lakh and later raised its stake to 29.6%.
The Tagbox deal is such investment for TVS motor in 2019. The company had also invested Altizon systems which is based in Pune in April. Altizon systems is also a IIot based Solutions Company and had raised about $ 7 million. The Hive fund, Lumins Partners and Wipro ventures participated in this funding round.
Tagbox was started in 2016 with the efforts of Adarsh Kumar, Sameer Singh and Saumitra Singh who were quick enough to sense an opportunity in the cold chain industry which was then growing at a steady rate of 30%. In the next year, Indian Angel Network had invested ₹3.5 crore in the company and received three folds the amount invested. However, since its inception, Tagbox hasn’t just focused on developing solutions for the cold chain but has focused on the entire supply chain. They have helped predict and prevent supply chain failures by integrating their analytics module, software and hardware. They are currently working with Retail, F&B, Dairy, Pharma and Glass companies in India.
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