Wipro Arm Infuses Rs 9.78 Crore In Big Data Startup Altizon
India’s third largest software exporter Wipro Venture’s the $ 100-million venture capital has selected a minority stake in Pune-based Big data startup Altizon Systems Pvt Ltd for Rs 9.78 crore as part of a series A funding round, a week after cross-town arch rival Infosys parked $ 4 million in US-based startup Waterline Data Science.
Over all, Altizon has raised about $ 4 million as part of this round that Wipro Ventures led, with other investors such as Lumis Partners, The Hive and infuse Ventures also backing the startup.
In a filing to stock exchanges, Altizon said that the transaction would be completed by February 10. Altizon, which had revenues ofRs 30 lakh for the 2014-15 financial year, has developed a big data platform called Datonis that “allows organisations to build connected devices” and “gain insights from device data.”
In order to hike the sales and marketing in India as well as internationally Altizon has planned to use its funds. The time when India’s largest outsourcing firms are violently betting on newer technologies with the latest startup investment from Wipro came, as they are facing technologies disturbance in their traditional breadand-butter businesses due to with the entry of technologies such as cloud computing and the Internet of Things.
As these top outsourcing customer’s such as Citigroup and Wal-Mart are thinking to shift their spending away from traditional It services to newer areas of technologies, the traditional software exporters such as Infosys and Wipro have therefore set aside adequate funds for startup investments.