By K Ashwin Mobile: 09920183006 Email:email@example.com
Unicorn India Ventures, an early stage VC fund, has announced another investment in Kerala — an emerging hub for startups. The Fund has invested in Inntot, a software defined radio startup based in Kerala. It is a seed-funding round, which marks Unicorn India as the first institutional investor in Inntot.
This is Unicorn India’s sixth announcement in the State The Fund invested in five startups — Genrobotics, Perfectfit and SectorQube, Bank Open and Clootrack early this year.
Anil Joshi, Managing Partner, Unicorn India Ventures, says, “Over the last one year, as a Fund, we have been on a look out for next gen tech startups and investment made by us clearly reflect our intent to find such growing startups and invest in them. Kerala, in that respect, has surprised as we have seen our investments going to startups which are working on cutting edge technology like IoT, 3D, Robotics and now digital radio receivers.” Investment in Inntot is inspired by the success that we have seen in new age tech startups who are not chasing the tempting matrix but building a product from ground up and opening up a completely new market for themselves rather fighting for a small piece of a big pie, he adds.
Started in 2014, by Rajith Nair and Prasanth Thankappan, with 36 years of cumulative experience across consumer electronics and automotive entertainment in companies like Philips, Wipro, LSI Logic and ISRO. Inntot aims to bring down the cost of digital radio receivers substantially for OEMs or ODMs. The Company has developed a software-based solution, which will enable them to achieve this vision without using specialized hardware chipsets. Inntot has already sold first SDR license to Telechips Inc, a South Korean company that sells system on chip products used in automotive entertainment systems and consumer electronics. Due to Inntot’s competitiveness, its solution is now being considered by OEMs and ODMs in Asia for their future Digital Radio Receivers, which indicates at a healthy pipeline of potential clients for the Company.
Rajith Nair, Co-founder and Managing Director, Inntot Technologies, says, “Our mission is to facilitate a seamless switchover from Analog Radio Broadcast (AM and FM) to Digital Radio Broadcast by providing high quality and cost effective Digital Radio Receiver solution that enables mass acceptance. Collaboration of Inntot with a technology savvy investor like Unicorn India, who shares our view, will accelerate our mission. ”
Inntot is the only company in India today working on SDR based end to end digital radio receiver software stack that could make digital receiving solutions for home and car audio affordable. The Company pegs the demand at close to 7.5 million for such devices over the next three years in India and Asia alone. The funds raised in this round will be used for procuring hi-tech testing equipment, enhanced marketing efforts, solution field testing and hiring key personnel in critical functions like marketing, sales, and software.
Unicorn India Ventures has also taken a board seat in the Company. Aayush Jain, Principal, Unicorn India Ventures has been appointed as the Board Member in Inntot.
About Inntot Technologies
Inntot Technologies is a technology driven company with prime focus on enabling cost effective next generation digital media receivers.
Inntot has Software enabled IP Solutions for Digital Radio Mondiale (DRM and DRM+) Receivers, DAB/DAB+ Receivers, ISDB-T Digital Television. Inntot Technologies is all set to play a pivotal role in the Analog Sunset of AM and FM broadcast radio transmission paving way to Digital Radio Transmission in the near future.
Inntot Technologies is a winner of prestigious awards including – Industrial Innovation Awards 2017 of Confederation of Indian Industries (CII) – for the Best Service Startup and Top 10 Promising Startups of India.
About Unicorn India Ventures
Unicorn India Ventures is a Mumbai based VC fund that invests in early stage startups working on business ideas spanning sectors like consumer, enterprise, healthcare and deep technology domains.
Unicorn India Ventures was started in 2015 by Anil Joshi and Bhaskar Majumdar. The Fund invests solely or co-invests with another fund or institution in a startup with an innovative business idea, which can solve a real life problem. The deal size will vary from $1,00,000 to $2 million and should meet the following criteria:
Ability to scale up rapidly in terms of revenues and customer adoption
Capital efficient business model
Startup should be backed by a committed and a passionate entrepreneur
Business should have the potential to address a large and growing market.
Unicorn has closed their maiden fund and are currently in deployment mode.
The Fund has already announced investments in 17 startups like Genrobotics, SectorQube, Perfectfit, Boxx.ai, Sequretek, Smartcoin, Grabonrent, Inc42, Neuroequilibrium, VLCC VanityCube, Pharmarack and Bank Open.
The Fund recently announced its foray into venture debt by launching Rs 600 crore venture debt fund.