Datoms, an Indian industrial deeptech IoT (Internet of Things) start-up for original equipment manufacturers (OEMs), has announced that it has raised $1.2 million in a pre-Series A round led by Yournest Venture Capital.
Launched in 2021, Datoms is a brand owned and operated by Phoenix Robotix Pvt Ltd and Co-founded by Amiya Samantaray, Nataraj Sahoo, Amrit Biswal, and Asish Sahoo. The Bhubaneswar-based start-up has developed a connected operations cloud that consolidates people, processes, and machine operations onto a single platform.
Datoms plans to use the fresh funding to strengthen the product offerings to build various use cases in the construction warehousing industry and will focus on enhancing in-house AI/ML capabilities and market expansion across India and the Middle East.
The start-up counts Ridik Capital PTE Ltd and angel investors Mohit Garg (founder of Mind-tickle and Oloid AI), Saroj Mishra (Co-founder Tazapay and Bayfront Capital Advisors), and Prateek Gera, among its early backers.
The platform enables labour-heavy sectors, such as construction, warehousing, agriculture, mining, and ports, to achieve higher efficiency and automate various processes related to asset maintenance and activity planning.
By leveraging Datoms’ solution, businesses can reduce fuel expenses, effectively manage both stationary and mobile fleets of machines, simplify compliance procedures, and streamline communication among various stakeholders.
On the fundraise, Samantaray, said the funding will strengthen the start-up’s product offering and provide a massive opportunity for enterprises and equipment manufacturers in the distributed asset industry to ride the digitisation wave.
“We have so far connected over 5,000 machines across sectors. Growing at a 15 per cent rate month on month, Datoms is building the future of connected operations from India for the world,” he said.
In a similar context, Sunil Goyal, Founder and Managing Partner of Yournest VC, said 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,” said Goyal.
With offices in Bhubaneswar and Bengaluru, Datoms currently works with over 100 customers globally.
Datoms aims to disrupt the $600 billion connected machine market globally, which is growing at a CAGR of 20 per cent.
According to Samantaray, the market in India and Southeast Asia is expected to grow at a 35 per cent CAGR as more industries are focusing on asset-light models, which is leading to a paradigm shift from a Capex-driven business model to an OPEX-driven business model.