TVS Motor unit leads Series A funding in industrial IoT startup Altizon

Altizon Systems Pvt. Ltd, which operates a platform to develop solutions based on industrial Internet of Things (IIoT), said it has raised $7 million (around Rs 49 crore) in its Series A round of funding.TVS Motor Co. (Singapore) Pte Ltd, a wholly owned subsidiary of motorcycle company TVS Motor Company Ltd, led the round, Altizon said in a statement.Existing investors The Hive Fund, Wipro Ventures and Lumis Partners also participated in the funding round, it added. The Pune-based company intends to use the fresh capital to strengthen its international presence and develop intellectual property (IP).“We have a strong roster of global industrial majors as our customers and they can now gain further benefit from our global footprints and enhanced technology offerings," said Vinay Nathan, CEO, Altizon.Altizon was launched in 2013 by Nathan, Ranjit Nair and Yogesh Kulkarni. It helps enterprises use machine data to drive business decisions.