ZestIoT, an Internet-of-Things (IoT) and artificial intelligence (AI) enabled aviation industry management platform, on Wednesday said it has raised $6.5 million in a Series A funding round, led by IvyCap Ventures.
The round also saw participation from Loyal VC, a Toronto, Ontario-based venture fund.
The new capital will be directed towards serving clients in the aviation industry, expanding its talent pool, international expansion, and enhancing passenger experience, ZestIoT said in the statement.
ZestIoT connects people, places, assets, and operations through its deep tech platforms GroundRadar and NoCodeAI, helping ground-level workforce to make decisions, predict future outcomes, and drive operational efficiency, safety, end-product quality, and customer experience.
With over 100 deployments across various geographies, ZestIoT has a presence in aviation, manufacturing, oil and gas, food and beverage sectors, and holds partnerships with system integrators and OEMs, it added.
We firmly believe that ZestIoT has the potential to solve this problem at the grassroots level and emerge as a leader in this segment,” Vikram Gupta, founder and managing partner of IvyCap Ventures, said.
Ashish Wadhwani, cofounder and managing partner of IvyCap Ventures will be joining the board of ZestIoT on behalf of the fund. In February 2023, IvyCap Ventures had mopped up $214 million from institutional investors in the first close of its third fund.
Founded in 2016 by Amit Sukhija, ZestIoT is headquartered in Hyderabad. Its GroundRadar platform brings together airlines, airports, and handlers to collaborate and increase the speed of aircraft turnaround while maintaining operational efficiency and safety. The company claims to manage over 600 flights, 600 equipment, and 9,000 personnel daily.
Its NoCodeAI platform services the aviation industry, manufacturing and oil and gas industries to help with the safety and security of daily operations while driving operational efficiencies and improving quality.
“With the help of advancements in sensors, edge computing, and various communication technologies, we foresee a new wave of innovative use cases being developed by our customers using our platform,” Sukhija, founder and CEO, ZestIoT, said.
Source Article: https://economictimes.indiatimes.com/tech/funding/zestiot-raises-6-5-million-in-funding-led-by-ivycap-ventures/articleshow/99967709.cms?from=mdr