Deeptech IoT startup Datoms has raised $1.2 Mn (approximately INR 10 Cr) in its pre-Series A funding round led by Yournest Venture Capital.
Datoms was launched in 2021 by Phoenix Robotics, which was cofounded by Amiya Samantaray, Nataraj Sahoo, Amrit Biswal, and Asish Sahoo. Datoms offers an integrated operations cloud that brings people, processes, and machine operations onto a single platform
The startup operates in human-capital-heavy sectors such as construction, warehousing, agriculture, mining, and ports to help original equipment manufacturers (OEMs) achieve higher efficiency by using automation for asset management and activity planning.
In a statement, Datoms said it will use the funds to strengthen its product offerings in construction warehousing, enhance in-house AI/ML capabilities, and expand its presence in the Indian and the Middle East markets.
Commenting on the funding, cofounder and CEO Samantaray, said, “The funding will strengthen our product offering and provide a massive opportunity for enterprises and equipment manufacturers in the distributed asset industry to ride the digitisation wave. We have so far connected over 5,000 machines across sectors.”
The Bhubaneswar-based startup claims to serve over 100 clients and aims to disrupt the $600 Bn connected machine market globally, which is growing at a CAGR of 20%.
Datoms counts Tata Steel, ONGC, ABB, and Dalmia Bharat Cement among its clients.
Prior to this funding, the startup raised $755K in two rounds from RidikCapital, Mohit Garg (founder of Mindtickle and Oloid AI), Saroj Mishra (cofounder of Tazapay and Bayfront Capital Advisors), and Prateek Gera.
According to a study by IMARC Group, the Indian IoT market had a size of $1 Bn in 2022 and is expected to clock 14.23% CAGR by 2028 to reach $2.2 Bn.
In the IoT space, Bytebeam secured $3 Mn in seed funding from Together Fund, Accel and STRIVE VC last year to build technical expertise, evolve the platform offering and establish a business with reach across verticals like electric mobility, agritech, among others.
Smartron also received a $200 Mn funding commitment from Global Emerging Markets Group.
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