Angels, VCs Analysed Data Rs 50 crore in Flutura

Flutura Business Solutions, an IoT (Internet of Things) focused data analytics firm, has raised $7.5 million, or Rs50.13 crore, in a fresh round of funding led by Vertex Ventures, the venture capital arm of Singapore Government’s investment company Temasek Holdings. One of the largest rounds recently raised in the IoT sector, it also saw participation from private investment fund Lumis Partners and the startup’s existing investor The Hive, a Palo Alto-based seed fund.Flutura specialises in decision analytics for the energy and engineering sector, leveraging the industrial IoT technology and counts Henkel, Siemens, and Philips Solar among its clients. The Bengaluru-based company will utilise the funds for global expansion.

This is Vertex Ventures’ second investment in India in the past six months, after it led a round of $6 million for customer analytics startup CloudCherry in September. Vertex Ventures’ investments in India are made out of its South Asia fund, which also looks at opportunities in Taiwan, Singapore, Malaysia and Indonesia.

What sets the company apart is the confluence of IoT and data analytics in a manner that it can change the way very large companies function globally, says Ben Mathias, managing director of Vertex Ventures, India. The startup’s data science solution offers assistance to large industrial manufacturers in the form of predictive maintenance to predict possible failure in machines and also to increase operational efficiency by monitoring various signals through sensors.

Flutura 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 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. An example of Flutura’s analytics is the intelligence it can provide to disengage a certain part of a machine that indicates likely failure, and to send an alert to replace the faulty part.

“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,” says Flutura CEO Krishnan Raman.

With backing from Vertex Ventures, Flutura will expand geographically in the UK, and extend product offerings to its existing set of customers, Raman said. The startup has a strong presence in the US, India and Japan.

Source : The Economic Times (Delhi)