The smart lock app and device development ventures in India is getting an immense boost from investors due to its potential in the global market. One proud example is Open Appliances a.k.a. Open App. The Bangalore-based startup has managed to attract a whopping investment amounting to $1.3 Million (INR 1.92 Crore) in the form of Pre-Series A funding from Karnataka Semiconductor Venture Capital (KARMSEMVEN) and Unicorn India Ventures.
The existing investors of this brand include Kumar Vembu, Co-founder, Zoho, and Axilor Capital. Open App surfaced in the year 2015. It is the brainchild of Rajshekhar Jenne, Siddhesh Keluskar, and Gotama Gowda. The startup focuses on the development of IoT based technology, GSM and Bluetooth enabled smart lock solutions for bigger enterprises. It has also developed an online platform that allows a user to lock or unlock devices using an application via a smartphone. Any threat is notified to the user via this app instantly.
Open App is currently functioning in Asian and African countries and is searching for opportunities to expand in the unexplored territories. The fresh funding from renowned investors will automatically provide a strong platform for this budding startup to develop and fortify its core platform for software access.
The CEO of Open App, Gotama Gowda said: “OpenApp is working towards deploying 100,000 devices with more than half already fulfilled across Asia and Africa.” As mentioned earlier, this startup has managed to attract a huge investment of $550,000 from Kumar Vembu and Axilor Ventures. These funds were specifically deployed and channelized to develop and offer products and also to explore new verticals in this particular domain.
The introduction of KARSEMVEN in this venture is a big win for these entrepreneurs. It is a SEBI-accredited and registered capital fund for ventures like these working on electronic systems, semiconductors, etc in Karnataka. This unique investment body allocates fund ranging from INR 2 to 5 Crore to potential startups.
With the newly allocated fund, the company will take leaps and bounds. It wants to etch its name in the smart lock industry by becoming one of the pioneers of IoT based device development in India. The emergence of big names as investors is proof that this startup has immense potential to grow.