Bengaluru based enterprise tech startup Syook has raised $1 million from Inflection point ventures and ONGC in a Series A round. Syook helps large enterprise companies with their digital transformation journey in operations across the supply chain using their modular, no-code-IOT platform. The Company works with giants like Hindustan Unilever, Reckitt Benckiser, FIAT and the Tata group as some of its customers.
After establishing initial product market fit with some leading customers, the company is seeing strong traction outside of India. Funds raised in this round will be used to pursue growth in the international markets especially in the middle east and south east Asia.
A significant part of the funds will also be used to enhance and scale up the engineering team.
Vinay Bansal, Founder & CEO, Inflection Point Ventures says, “Syook has been working relentlessly for the last 2 years to drive impact of real time location analytics to its customers. We have been watching them grow as they entered a high growth trajectory by signing some of the most respected brands in India as their customers and partners. This fast growth needs patient capital and more support to realize its ambition to go international. Given the pipeline visibility, we believe in the team to back them by investing again in the company.”
Commenting on the investment, the Startup Team at ONGC said “We are supporting startups that have an application in the Oil and Gas sector. We are really happy with the safety, productivity and compliance gains that Syook provides at customer locations. This has a lot of applications both in the upstream and downstream of the energy sector.”
Arjun Nagarajan, Co-Founder and CEO of Syook said, “The pandemic has put the limelight on digital transformation. Organizations around the world are looking at tech solutions to remain competitive. We have seen 2X growth in the revenues of the entire last financial year into our order book in just the first 3 months of this FY. We are also growing outside India, especially in the Middle East and South-East Asia.”
Aman Agarwal, Co-Founder and CTO and the resident tech geek at Syook said “Ours is a modular, configurable no code platform that provides operational efficiency and gains from day one. It's really easy to deploy and we start seeing an ROI immediately.”
Syook’s enterprise operating system for operations efficiency helps enhance the competitive advantage of organizations. This operating system is built on the top of the company’s proprietary RTLS (Real Time Location System) platform. The platform offers a modular and configurable (no-code) platform for improving the operational efficiency across sectors. This platform can be configured in just a few hours to address losses related to productivity, safety and compliance at the work place. Few key sectors where the platform is being used are Oil and Gas, Manufacturing, Auto and healthcare.
Prior to Syook, the founding trio – Saurabh Sharma, Aman Agarwal and Arjun Nagarajan spent about a decade each, working in oilfield operations in different parts of the world. Inspired by the ‘Make in India’ movement, they returned to Bangalore about 5 years ago to build Syook to solve for operational inefficiency. Starting with a small pilot at one factory in North India, today Syook is partnering with leading companies in the tech space including Microsoft, Accenture, Siemens and Bosch as they help customers on their digital transformation journey.
In today’s connected world, digital transformation has become inevitable for all the businesses, expected the industry to grow from the current $400bn to about $1tn by 2025. Syook’s mission is to help its customers on their digital transformation journey by providing avant-garde solutions for operations excellence.
Syook is an enterprise tech startup in the Industrial IOT (Internet of Things) space. Syook’s modular and configurable no code platform helps companies supercharge their operational efficiency. The cloud agnostic platform is used by leading companies in India and the world and helps customers improve safety, productivity and compliance across sectors. The platform is being used in manufacturing, logistics, auto and the Oil and Gas sector.
About Inflection Point Ventures
Inflection Point Ventures is an angel investing platform with over 4000 CXOs, HNIs and Professionals to together invest in startups. The firm supports new-age entrepreneurs by providing them monetary & experiential capital and connecting them with a diverse group of investors. IPV, started in 2018 believes that ‘Everyone can Grow with Startups’ as it plans to invest INR 155 Cr in 2021 across 60 startups.