New Delhi, May 3 (PTI) Tech startup ZestIoT on Wednesday said it secured USD 6.5 million, about Rs 51 crore, in a funding round led by IvyCap Ventures.
The round also saw participation from global venture fund Loyal VC.
"The proceeds will be directed towards revolutionizing the aviation industry, enabling faster turnaround of aircraft and enhancing passenger experience," ZestIoT said in a statement.
Founded in 2016 by Amit Sukhija, ZestIoT provides GroundRadar platform which brings together airlines, airports, and handlers to collaborate and increase the speed of aircraft turnaround while maintaining operational efficiency and safety.
With the latest investment, ZestIoT will double down on deep tech AI-driven automation, expand its talent pool, expand internationally, and prioritise customer success.
"This new investment will accelerate our mission to empower the aviation ecosystem with last-mile digitization and automation, delivering multiple use cases to airports, airlines, and handlers based on their individual journey of digitization. In addition, we are extending our offering to the manufacturing industry, enabling customers to adopt our AI and IoT automation platform to produce high-quality products," Sukhija said.
IvyCap Ventures advisors, founder and managing partner Vikram Gupta said that ZestIoT has pioneered the digitisation of last-mile operations by utilising its solution to automate processes and deliver real-time insights.
"This provides airlines and airport operators with informed decisions to optimize their operations and improve efficiency. We firmly believe that ZestIoT has the potential to solve this problem at the grassroots level and emerge as a leader in this segment. We are thrilled to support their growth and assist them in becoming the largest player in this sector," Gupta said.
IvyCap Ventures co-founder and managing partner Ashish Wadhwani will be joining the board of ZestIoT on behalf of the investment firm. PTI PRS HVA