Nagpur-based IoT startup Tsecond Generation Technology has raised ₹2.59 crores from US-based tech fund LEPL USA Inc, a wholly owned subsidiary of FutureTech Holding Company. Other investors like Jayant Chopde, CEO of Emergys Corporation, John Janakiraman, CTO of Emergys Corporation and Jai Shankar, Founder of Emergys Corporation also participated in the funding round.
The startup is incubated by Indian Angel Network’s Incubation and Mentoring Services as well as Nagpur Angels. With the latest transaction, the total funding of Tsecond stands at ₹5.25 crores.
Founded by Sahil Gurucharan Chawla in 2014, the startup develops innovative electronic products through research and development to solve problems. Tsecond also provides consultation and development services for customized electronic hardware solutions. Tsecond is technically supported by Napino Auto Electronics Limited, a Gurugram-based power, and auto electronic products manufacturer.
The startup has developed an IoT-powered Fuel Monitoring System called ‘E-Funnel’ which can be installed at the inlet of fuel tanks to give real-time notifications of fuel events. The product has been granted a patent in the United States. The data of the product can be accessed through a web application or smartphone app. E-Funnel works for fuels, oils, and chemicals.
Sahil said, “We faced tough times related to product development, team and funds, but as the old saying goes. Tough times don’t last but tough people do and so does the startup/company. When I chose the path of entrepreneurship I decided that there is no turning back. Turning your idea into reality takes a lot of efforts. Sometimes I felt as if there are a million disassembled pieces of a puzzle and I have to complete it without an image, the image of the complete puzzle you hold is only in your mind.”
Earlier last week, another Internet of Things startup SwitchOn raised ₹7 crores from pi Ventures, Axilor Ventures and other angel investors from The Chennai Angels. Another IoT startup Sparkyo also raised an undisclosed amount from Inflection Point Ventures this month. In April this year, Pune-based Altizon, an industrial IoT platform raised ₹49 crores from TVS Motor Company, the Singapore-based subsidiary of TVS Motors.