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Syook has successfully raised funding to advance its no-code Real Time Locating System (RTLS) platform, which enhances business process automation. The platform offers real-time visibility, safety, productivity, and compliance for various industries.
Keep reading to explore the intricacies of Syook's fundraising journey and the investors backing this innovative platform.
What Is Syook?
Syook, founded in 2016, is headquartered in Bangalore, India. The company specializes in Real Time Locating Systems (RTLS) for business process automation, offering no-code solutions that enhance safety, productivity, and compliance.
Founded by Aman Agarwal, Kiran Agarwal, and Saurabh Sharma, Syook has grown to become a significant player in the RTLS space. Their platform provides real-time visibility and is used across various industries.
With a team of over 50 employees, Syook continues to innovate and expand its global footprint, serving clients in multiple regions including Europe, UAE, and Qatar.
How Much Funding Has Syook Raised?
- Funding Round: Series A
- Amount Raised: USD 1 million
- Date: August 2021
- Lead Investors: Inflection Point Ventures and ONGC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To pursue growth in international markets, especially in the Middle East and Southeast Asia, and to enhance and scale up the engineering team.
Total Amount Raised: USD 1 million. Current Valuation: Not publicly disclosed.
Key Investors
- Inflection Point Ventures
- Details: Inflection Point Ventures is a venture capital firm that invests in early-stage startups. They focus on providing strategic support and capital to help companies scale.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: BharatPe, Milkbasket, Toch.ai.
- ONGC
- Details: Oil and Natural Gas Corporation (ONGC) is a state-owned enterprise in India, primarily involved in the exploration and production of oil and gas. It is one of the largest oil and gas companies in Asia.
- Investment Focus Areas: Oil and gas, energy, technology.
- Notable Investments: Not publicly disclosed.
What's Next for Syook?
Syook's future looks promising as it eyes expansion into international markets, particularly the Middle East and Southeast Asia. The company aims to leverage the growing demand for digital transformation solutions in operations and supply chain management. This opportunity is substantial, given the increasing interest in modular, no-code IoT platforms.
With the successful Series A funding round, Syook is well-positioned for future fundraising opportunities. The company's strong revenue growth and international expansion plans suggest it may attract further investment. However, challenges such as scaling operations and maintaining quality while expanding, as well as competition from other tech startups, could pose hurdles along the way.
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