Economic Times: January 23, 2017
Border security startup CRON Systems has raised an undisclosed amount in a pre-series-A round from early-stage venture capital firm YourNest.
This is the first investment from the firm’s new fund, YourNest India VC Fund, which was launched in September with a `300-crore corpus. The firm develops internet-of-things (IoT) based intrusion detection systems and perimeter protection solutions including laser walls, surveillance drones, and a command-and-control dashboard connected by an independent and encrypted communication network for defence. CRON Systems will use the capital for research and development and for hiring talent. “It is a very differentiated application of B2B IoT to make border security smart,“ said Girish Shivani, executive director at YourNest.
“The market opportunity is so large, not only from the B2G (business-to-government) side, but also from the B2B side, that we realised will be a very exciting and promising opportunity to back.“ CRON Systems counts the Border Security Force and the Indian Army as its primary clients. It is now looking to expand to international markets like the Middle East, Africa and Europe. Over the next six months, the firm plans to launch four new products -automated trucks for patrolling along borders, laser wall KV Series, data integration system Micron, and the Skywatch prototype that blocks surveillance drones.