TVS Motor Company Limited (TVSM) to invest $1 million in US-based Altizon Inc. The investment will be done through the company’s subsidiary TVS Motor Singapore.
Under the deal, 212,220 Series A Preferred stock will be issued by Altizon Inc. to TVS Motor Singapore.
Altizon’s technology portfolio is useful in driving digital transformation at TVS with industrial IoT. TVSM is already a shareholder in Altizon. With this investment, TVSM will further strengthen its partnership with Altizon in continuing their journey of growth and market leadership.
Altizon Inc specialises in industrial internet of things (IIoT) for manufacturing units.
The idea is to integrate machine data with related information from other IT systems on the shop floor to build a manufacturing data lake. Analysis of this data would bring visibility and predictability into its manufacturing value chain and make the system cost-efficient.
Altizon is an Industrial IoT company empowers Industrial Digital Revolutions globally by helping enterprises use machine data to drive business decisions. Altizon enables digital transformation in enterprises by accelerating Smart Manufacturing initiatives, modernizing Asset Performance Management, and pioneering new Business Models for service delivery. Altizon is a leading Industrial IOT platform provider recognized by Gartner in its Magic Quadrant for IIoT Platforms. Altizon has a presence in Pune, India and Scotts Valley, California, USA, said TVS Motor.
The company was established in 2014 and in 2020 clocked a revenue of $139,018 as compared to $191,331.
TVS Motor has been investing in new age start-ups, through its Singapore arm. The company invested in electric bike maker Ultraviolette Automotive, Tagbox Solutions Ltd, Singapore-based Tagbox Pte Ltd and US-based Predictronics Inc and RentOnGo, an online marketplace for renting bikes and appliances.
The investment includes Tagbox Solutions Private Limited (24.3 per cent stake, Rs 26.6 crore). The company provides IoT-based solutions for sensing, monitoring and analysis across supply chain activities. Predictronics Corporation, USA (23.5 per cent stake), which is an AI driven Predictive Maintenance Analytics solutions provider. The goal is to reduce unplanned downtime, increase productivity and improve product quality
The company has also invested in Scienaptics Systems Inc (17 per cent stake), which uses AI-enabled platform ‘Ether’ to provide customer solutions. It will help the company to improve risk and credit assessment and monitor evolving fraud patterns among other benefits.
The Singapore subsidiary TVS Motor (Singapore) Pte Limited, which was created to invest in tech start-ups, has invested around $16.57 million in 2019-20.
Source: Business-Standard