Bengaluru based enterprise tech startup Syook has raised $1 million from Inflection Point Ventures (IPV) and ONGC in a Series A round. Syook helps large enterprise companies with their digital transformation journey in operations across the supply chain using their modular, no-code-IOT platform.
Funds raised in this round will be used to pursue growth in the international markets especially in the middle east and south east Asia. A significant part of the funds will also be used to enhance and scale up the engineering team, it said in a press release.
Vinay Bansal, Founder & CEO, Inflection Point Ventures said, “Syook's fast growth needs patient capital and more support to realize its ambition to go international. Given the pipeline visibility, we believe in the team to back them by investing again in the company.”
Commenting on the investment, the Startup Team at ONGC said “We are supporting startups that have an application in the Oil and Gas sector. We are really happy with the safety, productivity and compliance gains that Syook provides at customer locations. This has a lot of applications both in the upstream and downstream of the energy sector.”
Arjun Nagarajan, Co-Founder and CEO of Syook said, “The pandemic has put the limelight on digital transformation. Organizations around the world are looking at tech solutions to remain competitive. We have seen 2X growth in the revenues of the entire last financial year into our order book in just the first 3 months of this FY. We are also growing outside India, especially in the Middle East and South-East Asia.”
Aman Agarwal, Co-Founder and CTO and the resident tech geek at Syook said “Ours is a modular, configurable no code platform that provides operational efficiency and gains from day one. It's really easy to deploy and we start seeing an ROI immediately.”
Syook’s enterprise operating system for operations efficiency helps enhance the competitive advantage of organizations. This operating system is built on the top of the company’s proprietary RTLS (Real Time Location System) platform. The platform offers a modular and configurable (no-code) platform for improving the operational efficiency across sectors. This platform can be configured in just a few hours to address losses related to productivity, safety and compliance at the work place. Few key sectors where the platform is being used are Oil and Gas, Manufacturing, Auto and healthcare.
Prior to Syook, the founding trio – Saurabh Sharma, Aman Agarwal and Arjun Nagarajan spent about a decade each, working in oilfield operations in different parts of the world. Inspired by the ‘Make in India’ movement, they returned to Bangalore about 5 years ago to build Syook to solve for operational inefficiency. Starting with a small pilot at one factory in North India, today Syook is partnering with leading companies in the tech space including Microsoft, Accenture, Siemens and Bosch as they help customers on their digital transformation journey.
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