Datoms, an Indian industrial deeptech IoT (Internet of Things) startup for OEMs, 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 a brand owned and operated by Phoenix Robotix Pvt Ltd Co-founded by Amiya Samantaray, Nataraj Sahoo, Amrit Biswal, and Asish Sahoo. The Bhubaneswar-based startup has developed a connected operations cloud that consolidates people, processes, and machine operations onto a single platform. The startup counts Ridik Capital PTE Ltd and notable angel investors Mohit Garg (founder of Mind-tickle and Oloid AI), Saroj Mishra (Co-founder Tazapay and Bayfront Capital Advisors), and Prateek Gera,as its early backers.
The platform enables human-capital heavy sectors, such as construction, warehousing, agriculture, mining, and ports, to achieve higher efficiency and automate various processes related to asset maintenance and activity planning.
By leveraging Datoms’ solution, businesses can reduce fuel expenses, effectively manage both stationary and mobile fleets of machines, simplify compliance procedures, and streamline communication among various stakeholders.
On the fundraise, 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.”
Sunil Goyal, Founder and Managing Partner of Yournest VC, said, “Datoms has demonstrated deep insights in the domain of IoT Operations with a thorough understanding of the business challenges its stakeholders face. 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.”
With offices in Bhubaneswar and Bangalore, Datoms currently works with over 100 customers globally.
Datoms plans to use the fresh funding to strengthen the product offerings to build various use cases in the construction warehousing industry and will focus on enhancing in-house AI/ML capabilities and market expansion across India and the Middle East.
Datoms aims to disrupt the $600 billion connected machine market globally, which is growing at a CAGR of 20%. According to Amiya, the market in India and Southeast Asia is expected to grow at a 35% CAGR as more industries are focusing on asset-light models, which is leading to a paradigm shift from a CAPEX-driven business model to an OPEX-driven business model.