Financial Express | October 26,2023
Deep tech startup: Datoms, an industrial deep tech IoT (Internet of Things) startup for Original Equipment Manufacturers, has announced that it has raised $1.2 million (Rs 10 crore approximately) in a pre-Series A round led by Yournest Venture Capital.
Launched in 2021, Datoms is owned and operated by Phoenix Robotix Pvt Ltd, co-founded by Amiya Samantaray, Nataraj Sahoo, Amrit Biswal, and Asish Sahoo. The startup works in human-capital-heavy sectors such as construction, warehousing, agriculture, mining, and ports to help achieve higher efficiency by automation in asset management and activity planning.
The Bhubaneswar-based startup has developed a connected operations cloud that consolidates people, processes, and machine operations onto a single platform. Venture Capital and angel investors such as RidikCapital, Mohit Garg (founder of Mind-tickle and Oloid AI), Saroj Mishra (Co-founder of Tazapay and Bayfront Capital Advisors), and Prateek Gera are among the early backers of the company.
Datoms’ Cofounder and CEO, Amiya Samantaray, said, “Growing at a 15% rate month on month, Datoms is building the future of connected operations from India for the world. 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 digitization wave. We have so far connected over 5000 machines across sectors.”
The startup plans to utilise the funds to strengthen its product offerings in construction warehousing, enhance in-house AI/ML capabilities, and expand the market across India and the Middle East.
Sunil Goyal, Founder and Managing Partner of Yournest VC, said, “Datoms offers a highly scalable solution that could benefit stakeholders across the value chain. Strong traction backed by its burgeoning clientele, involving the likes of Mahindra & Mahindra and Tata Motors, strongly validates the merit in Datoms solutions.”
According to Fortune Business Insights report on IoT Connected Machines, the market size of the industry was valued at $128 billion in 2021, and is projected to grow to $510 billion by 2030, growing at a CAGR of 19.2 per cent.