IoTfy was started in Oct, 2014 by Arpit Chhabra, Shivam Dikshit, Shashank Saxena and Sushant Taneja. Together, the team has exhaustive experience in IoT and has previously provided more than 100 solutions in IoT to Enterprises across the sectors.
An Internet of Things (IoT) startup IoTfy has become a part of US-based B2B accelerator 9Mile Labs. The startup is also talking to investors in India now and is planning to close its next round in a couple of months, told Shivam Dikshit, CMO of IoTfy.
IoTfy has been specially designed for the consumer electronic companies. After on-boarding a product line such as air conditioner or washing machine, it facilitates a complete cloud infrastructure that is secure and scalable and has 4 components: a storage engine, an analytics engine, a rules engine and a unified web dashboard to manage them. IoTfy can also be integrated with your existing CRM, ticketing and invoicing systems. Apart from this, it also provides a white-labeled mobile app that the Enterprise offers to its consumers.
“Though IoT has become a buzzword, but the fact is that IoT adoption has been really slow. Primarily because everyone can see the gold rush 4-5 years down the line but very few understands the right road to it. Luckily, in IoTfy, the team’s experience in IoT industry and our advisors have helped us in framing the right strategy.” said Arpit Chhabra, CEO of IoTfy.
Major challenge around IoT adoption is redevelopment of an entire product to accommodate communication medium; build, manage and maintain cloud infrastructure and create mobile apps for consumers. The challenge is that Hardware Enterprises don’t have these core competencies and nor do they want to waste an year’s time trying to experiment doing this themselves. For some that do, they usually end up with a jury rigged solution – that’s neither scalable nor secure and by the time they complete, they realize they have already lost enough time and resources.
Adding to it, Arpit said “Today, with China commodotizing almost all the consumer electronics goods, and E-commerce enabling smaller players easy entrance in the consumer market, the CE Enterprises are facing an existential challenge of depleting margins. The result? An industry-wide average profit margin in the low single digits at best and negative at worst”
IoTfy was started in Oct, 2014 by Arpit Chhabra, Shivam Dikshit, Shashank Saxena and Sushant Taneja. Together, the team has exhaustive experience in IoT and has previously provided more than 100 solutions in IoT to Enterprises across the sectors.
“IoTfy helps CE companies to quickly create a new line of Internet-connected products, that will result in an alternate recurring revenue by services and establish customer retention. We have accepted 6 Enterprise clients into our pilot program.” said Dikshit.
IoTfy is backed by board of advisors including Mukund Ghangurde, Director (IoT) at Microsoft, Rob Adams, who previously served as Sr. Director at CISCO, Will Hodgman, a serial entrepreneur and investor, who also served as CEO for Kissmetrics and Joachim Lindborg, an IoT thought leader, speaker and policy maker.
Earlier, IoTfy has been shortlisted in multiple businesses accelerators in US and Europe region including Founders Space and Starcube but it chose to join 9Mile Labs as it is Enterprise focused.