Bengaluru-based Bytebeam raises 3 million seed funding to simplify its IoT products
- ByStartupStory | May 13, 2022
Bytebeam, a Bengaluru-based startup that aims on simplifying its Internet of Things (IoT) applications has raised $3 million seed funding from investors like Together Fund, Accel and STRIVE VC. The round also witnessed the participation of AdvantEdge VC backed by Motherson Group, redBus founder Phanindra Sama, Tanmai Gopal, the co-founder of Hasura, Mekin Maheshwari, the former CPO of Flipkart and Aakrit Vaish, the founder of Jio Haptik.
The fresh capital would be utilised to enhance the technical space, evolve platform offering and establish businesses which reach the verticals like electric mobility, agritech, dronetech and also smart appliances. The company has raised $250 K in its pre-seed round in October 2021 from Accel India via its atoms program. This helps the pre-seed startups with easy access to non-dilutive fund.
The company was founded in 2019 by Gautam BT, Ravi Teja K and Bharagwaaj Ramakrishnan. The startup has acquired users from the Indian mobility spaces like batteries, electric vehicles and charging infra. Gautam BT, the CEO and co-founder of Bytebean said that the cloud services for IoT is currently working in a $14 billion market which is growing at a rate of 48% CAGR. It also allows its companies to manage all their IoT requirements on a single platform which provides personalised dashboards to generate data analytics and insights.
Prayank Swaroop, partner at Accel said that Bytebean’s backend as a service (BaaS) as a platform for IoT developers is an amazing product. The startup also facilitates data sync between mobile applications and comes bundled up with the privacy and security features. The integrated approach makes it 10 times more easier and quick for the companies to develop smart intuitive products. It claims to focus more on customer experience than on in-house data engineering and backend teams utilising the product offerings.
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