Unicorn India Ventures Announces investment in Software Defined Radio
by Shrutee K/DNS
Comes on board as
the first investor in the Company
Marks the first
institutional round raised by Inntot
Investment in
line with Unicorn India’s strategy to invest in Kerala
Funds raised will be used for procuring
hi-tech testing equipment, marketing and hiring key personnel
Mumbai, 6th
June 2018:
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.
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