India’s leading and largest incubator and accelerator, Venture Catalysts, has invested in Altor, an AI-powered and build-in Internet of Things (IoT) smart helmet startup. According to Shakil, Altor’s co-founder and CEO for hardware said in a statement that the startup is planning to use this new investment to enhance its product and stabilizing a clear market, strengthening its customer base and expanding in more cities.
Both the companies have not disclosed the raised capital, whereas it is said that for early-stage startups, Venture Catalysts invests in between the range of $250,000 to $1.5 million. Besides the funding, this investment firm also gives mentoring and networking of business.
In 2018, Shamik Guha, Shakil, Sayan Tapadar and Anirban Datta Gupta together founded Altor with the mission of helping peoples and organization to implement products that facilitates safety while traveling by developing smart helmets. Altor serves a majorly B2B segment. Altor claims that its technology provides the facility to track vehicles to fleet management companies and other customers to know if their riders are wearing helmets or not that will result in improving safety and efficiency.
Presently, Altor’s AI-powered smart helmet is all set to make its mark and safeguard every rider on the road. In addition, to synergize a solution that will be beneficial for everyone, Altor’s team is in talks with the prominent B2B players in the market.
On this occasion, Altor’s co-founder Shakil said that they believe their smart helmets could be a revolutionizing product for the whole new economy of 2 wheeler-driven services.
Apoorv Ranjan Sharma, the co-founder of Venture Catalysts, said their firm was confident about the investment in Altor because of its hardware and SAAS-based solutions, which primarily focuses on cost-effective fleet capabilities.
This newest move by Venture Catalysts marks its 5th reported investment of 2020. Nupay, neo-banking platform, GetVantage, financial-technology startup, Skilancer, solar panel cleaner startup, and IncubateHub, corporate venturing platform are among the startups who bagged the investment.
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