DeepTech IoT Startup Datoms Raises $1.2 Million Led by Yournest VC
- ByStartupStory | October 26, 2023
Indian industrial deeptech IoT (Internet of Things) startup Datoms, focused on OEMs, has secured $1.2 million (approximately Rs 10 crore) in a pre-Series A funding round led by Yournest Venture Capital.
Launched in 2021, Datoms, owned and operated by Phoenix Robotix Pvt Ltd, was co-founded by Amiya Samantaray, Nataraj Sahoo, Amrit Biswal, and Asish Sahoo. Based in Bhubaneswar, this startup has developed a connected operations cloud that brings together people, processes, and machine operations onto a unified platform. Early backers of Datoms include Ridik Capital PTE Ltd and notable angel investors such as Mohit Garg (founder of Mind-tickle and Oloid AI), Saroj Mishra (Co-founder of Tazapay and Bayfront Capital Advisors), and Prateek Gera.
Datoms’ platform caters to human-capital heavy industries like construction, warehousing, agriculture, mining, and ports. It helps enhance efficiency and automate processes related to asset maintenance and activity planning.
Through Datoms’ solution, businesses can reduce fuel expenses, efficiently manage both stationary and mobile fleets of machines, simplify compliance procedures, and streamline communication among various stakeholders.
Datoms’ Co-founder and CEO, Amiya Samantaray, mentioned, “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, expressed, “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 collaborates with over 100 customers worldwide.
Datoms intends to utilize the fresh funding to enhance its product offerings and develop various use cases in the construction warehousing industry. Additionally, the company will focus on strengthening its in-house AI/ML capabilities and expanding its presence in the Indian and Middle Eastern markets.
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Datoms has its sights set on disrupting the global connected machine market, which is valued at $600 billion and growing at a CAGR of 20%. According to Amiya, the market in India and Southeast Asia is expected to experience significant growth at a 35% CAGR as industries increasingly adopt asset-light models, transitioning from a CAPEX-driven business model to an OPEX-driven one.
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