Wipro’s investment arm – Wipro Ventures, that has a $100 million under management, has picked up a minority stake in a big data startup – Altizon for around $1.9 million (Rs. 9.78 crore). This deal is part of the company’s ongoing $4 Million Series A round of funding.
In this Series A round, Altizon has raised over $4 million and the round was led by Wipro Ventures. Before this, the company had raised capital from Lumis Partners, The Hive and Infuse Ventures in the same round. Also, Rohit Bhayana, Managing Partner of Lumis Partners will join Altizon’s Board.
The deal is expected to close by the end of next week. With the new capital coming to the company, it is now planning to scale up its efforts in sales and marking in India as well as in the international markets.
Vinay Nathan, co-founder and CEO of Altizon, said,
This milestone and the commitment from our investors validates the belief in the growth story of Altizon as a leading innovator in the Industrial IoT space. With this development, we plan to take Altizon’s value proposition globally and continue to invest in our innovation edge around the Datonis platform.