India Dealbook: SwitchOn bags $1m led by pi Ventures; Fosun RZ backs Kredily

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IoT (Internet of things) platform SwitchOn and HR tech startup Kredily are among the latest startups to have secured funding.

SwitchOn raises $1m led by pi Ventures

SwitchOn, an AI-enabled industrial IoT (Internet of things) platform, has secured $1 million in a seed funding round led by pi Ventures, an applied AI, IoT and blockchain focused early stage venture fund.

SwitchOn will use the funds to strengthen the edge-compute architecture, expand the team and market adoption in India and other countries in the EU (European Union) and APAC (Asia Pacific) region, it said in a statement.

Founded by Aniruddha Banerjee and Avra Banerjee in 2017, the Bengaluru-based SwitchOn helps manufacturing industries identify plant-level bottlenecks and improve equipment efficiency.

Fosun RZ Capital backs Kredily

Human resources technology startup Kredily has raised $750,000 in a seed funding round led by Fosun RZ Capital, an affiliate of Chinese conglomerate Fosun Group.

Other investors in the round include Delhivery co-founder Mohit Tandon and former Zenefits vice-president (engineering) Avinash Anand.

Kredily will use this capital to grow its products, bringing in new features around performance management, expense management, and asset management on its platform.