IoT platform, Bytebeam raises $3 million in seed round of funding from Together Fund, Accel and STRIVE VC. AdvantEdge VC backed by Moterson Group, Phanindra Sama, Founder of Redbus, Tanmai Gopal, Co-Founder of Hasura, Vimal Kumar, Founder of Juspay, Mekin Maheshwari, Ex-CPO at Flipkart, Deepak Anchala, Founder of Slintel, Aakrit Vaish, Founder of Jio Haptik, and several other angel investors also participated in this round of funding. In total, the Bangalore-based startup has raises $3.3 million in funding over two rounds, earlier being $250,000 in pre-seed from Accel India via Atoms program.
Bytebeam will use the latest funds to build the team’s technical expertise, enhance the platform offering and expand business verticals like Electric mobility, agri tech, drone tech, smart appliances and more.
Founded in 2019 by Gautam BT, Ravi Teja, and Bharadwaaj Ramakrishnan, Bytebeam is an IoT platform solutions provider allowing users to manage their IoT requirements on a single platform, which allows for customisable dashboards to generate data analytics and insights.
“Cloud services for IoT currently represents a $14 billion market opportunity growing at 48% CAGR,” says Gautam BT, CEO and Co-founder at Bytebeam. “We are excited to capture a fair share of this massive market opportunity. Having marquee investors back us strengthens our belief in our product,” he further added.
Freshworks Founder & co-founder at Together fund, Girish Mathrubootham said, “The engineering pedigree of the team coupled with the continued, excellent execution caught our attention and prompted us to partner with them”
Prayank Swaroop, Partner at Accel said, “We are quite excited that Bytebeam which is an Accel Atoms’ company is raising their next round, and that we are partnering with them in this round too. Bytebeam’s backend as a service (BaaS) platform for IoT developers is a very exciting product, allowing IoT developers to focus on the business problem they are trying to solve, without worrying about maintaining a backend.”
Nikhil Kapur, Partner at STRIVE said, “Bytebeam is perfectly poised to reimagine the end-to-end IoT backend architecture with an open-core approach allowing IoT developers to focus on what matters – making devices smart.”
