Mumbai: Unicorn India Ventures, an early stage VC fund, has announced another investment in Kerala — an emerging hub for startups. The Fund has invested in Inntot, a software defined radio startup based in Kerala. It is a seed-funding round, which marks Unicorn India as the first institutional investor in Inntot.
This is Unicorn India’s sixth announcement in the State The Fund invested in five startups — Genrobotics, Perfectfit and SectorQube, Bank Open and Clootrack early this year.
Anil Joshi, Managing Partner, Unicorn India Ventures, says, “Over the last one year, as a Fund, we have been on a look out for next gen tech startups and investment made by us clearly reflect our intent to find such growing startups and invest in them. Kerala, in that respect, has surprised as we have seen our investments going to startups which are working on cutting edge technology like IoT, 3D, Robotics and now digital radio receivers.” Investment in Inntot is inspired by the success that we have seen in new age tech startups who are not chasing the tempting matrix but building a product from ground up and opening up a completely new market for themselves rather fighting for a small piece of a big pie, he adds.
Started in 2014, by Rajith Nair and Prasanth Thankappan, with 36 years of cumulative experience across consumer electronics and automotive entertainment in companies like Philips, Wipro, LSI Logic and ISRO. Inntot aims to bring down the cost of digital radio receivers substantially for OEMs or ODMs. The Company has developed a software-based solution, which will enable them to achieve this vision without using specialized hardware chipsets. Inntot has already sold first SDR license to Telechips Inc, a South Korean company that sells system on chip products used in automotive entertainment systems and consumer electronics. Due to Inntot’s competitiveness, its solution is now being considered by OEMs and ODMs in Asia for their future Digital Radio Receivers, which indicates at a healthy pipeline of potential clients for the Company.
Rajith Nair, Co-founder and Managing Director, Inntot Technologies, says, “Our mission is to facilitate a seamless switch over from Analog Radio Broadcast (AM and FM) to Digital Radio Broadcast by providing high quality and cost effective Digital Radio Receiver solution that enables mass acceptance. Collaboration of Inntot with a technology savvy investor like Unicorn India, who shares our view, will accelerate our mission. ”
Inntot is the only company in India today working on SDR based end to end digital radio receiver software stack that could make digital receiving solutions for home and car audio affordable. The Company pegs the demand at close to 7.5 million for such devices over the next three years in India and Asia alone. The funds raised in this round will be used for procuring hi-tech testing equipment, enhanced marketing efforts, solution field testing and hiring key personnel in critical functions like marketing, sales, and software.
Unicorn India Ventures has also taken a board seat in the Company. Aayush Jain, Principal, Unicorn India Ventures has been appointed as the Board Member in Inntot.