Chennai, February 11th 2015: AngelPrime, a seed-stage Venture Capital Fund based in Bangalore, today announced an investment of USD 500,000 in Nimble Wireless, a Chennai-based company specializing in IoT and M2M technologies. Nimble Wireless will use this funding to develop new technologies, expand research & development capabilities and also for marketing to enable faster growth.
Nimble Wireless helps customers to wirelessly connect, control and manage their remote assets. The company provides state-of-the-art M2M and connected wireless products and cloud based software services encompassing Cellular, GPS, and Bluetooth and Zigbee technologies. The partnership with AngelPrime comes at a stage where the company is working on launching its next generation products and solutions with more advanced features and technologies such as advanced environmental sensors, BLE, industry leading battery life, location accuracy and user friendly mobile & web applications. The company offers innovative & customized M2M/IOT products geared towards multiple verticals such as transportation & logistics, telecom infrastructure, green energy and healthcare industries.
AngelPrime is one of the few early-stage funds in India with a vision of hands-on and active-involvement investment philosophy. It is focused on start-ups with disruptive ideas that are looking to redefine certain market segments in India and globally. The partners at AngelPrime – Sanjay Swamy, Shripati Acharya, Bala Parthasarathy and Amit Somani - are all serial entrepreneurs with strong relationships in the Silicon Valley ecosystem. Their combined experience makes AngelPrime most attractive for start-ups such as Nimble who are targeting global markets such as the US, Europe, Asia and Africa.
“We see a huge potential for companies in the IoT segment in India and Nimble Wireless has been growing exponentially over the last two years with a strong leadership team. We are extremely happy to extend our partnership and support the company’s focused growth strategy by serving as an active sounding board. Chennai has been witnessing a good number of entrepreneurs in the technology start-up ecosystem and we will be happy to invest in more start-ups in the near future.”
“This investment & partnership with AngelPrime will further boost Nimble’s growth. Unlike typical financial investors, AngelPrime team has rich entrepreneurial experience and the managing partners themselves are accomplished entrepreneurs who understand the challenges of a product company and are experts in scale hacking. We hope to leverage this expertise in accelerating the scaling up process and build leadership in our existing markets, both in the US and in India.”
“Chennai has already earned a strong reputation as an enterprise software powerhouse of India and now we are seeing that the start-up eco-system is starting to flourish with all the necessary pieces falling in the right place and order. A growing incubation system, increased access to capital and facilitating organizations like TiE (The Indus Entrepreneurs) Chennai are nurturing such startups with mentoring, education and linkages to Angels and VC investors. Chennai also has a growing number of innovative entrepreneurs, and all this is paving the way in building a stronger entrepreneurial network.”