TVS Motor Company has now raised $8.5 Million in the Bangalore based startup, TagBox, which is a supply chain industrial Internet of Things and the Machine Learning platform company as a part of its Series A funding round. This round was entirely led by the TVS Motor Singapore and TVS Motor Company.
TagBox also has plans to use the funds for the R&D and product innovation and to also expand its global footprint. The startup will also invest in the AssetLens and BoxLens and also in deploying some of the more predictive analytics and automation solutions.
Rajesh Narasimhan, Board Member of TVS Motor Company and CEO of TVS Motor (Singapore) said: “Our current investment in Tagbox is part of the initial set of investments being made in strategically relevant digital startups.”
He also revealed that the TVS evaluated many of the companies which provide the IOT solutions in the logistics and supply chain space and found that the TagBox product offerings and solutions to be a unique blend of the AI, Machine Learning and IOT.
He added “Their ability to help organizations monitor, predict and prevent SKU health risk in the supply chain is a clear differentiator. We are happy to invest in and strategically partner TagBox as they continue to pursue bottom line impact for Fortune 1000 companies by improving their supply chain processes while leveraging them for our own group businesses.”