Angel investment platform Inflection Point Ventures (IPV) has invested an undisclosed amount in Eden Smart Homes, marking its 11th investment since March this year.
Founded in 2018, Eden Smart Homes is an IoT startup that develops indigenous and cost-effective smart home automation systems. The funds raised will be used for launching new product lines and scaling up sales and marketing operations to acquire more customers, the startup said.
Eden Smart Home is currently present across five cities in India, and the funds raised will be used to set up its distribution channel across 30 major cities for driving more business in the home segment.
The startup is also in talks with large brands and SMEs to license a part of its technology for bundle up sales, and even listing it online on targeted platforms for better visibility to its customers.
On the investment, Vinay Bansal, Founder and CEO, Inflection Point Ventures said, “We are known to back great founders with great business models with a sustainable growth path. With the ease with which all of us are embracing technology and the smart city projects currently underway, there is a demand for IoT enabled homes.”
Eden’s solution includes monitoring power consumption, the ability to view the real-time status of appliances, scheduling on and off times for appliances, and creating custom scenarios.
Speaking on the funding, Pranjal Kacholia, Co-founder, Eden Smart Homes, said, “We aim to become India’s leading IoT company in the next three years. In India, the smart home market is expected to be $8 billion by 2023, and we aim to be one of the well-known brands in this segment. Our product helps save power significantly in both the residential and commercial segment.”
IPV believes that Eden has been able to position themselves as an aspirational product for Indian households as the disposable income rises.
(Edited by Suman Singh )
Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.