Bytebeam, which focuses on simplifying IoT product management, had raised $3 million in seed funding round from Together Fund, Accel and STRIVE VC.
AdvantEdge VC backed by the Motherson Group, PhanindraSama (Founder of Redbus), Tanmai Gopal (Co-founder of Hasura), Vimal Kumar (Founder of Juspay), MekinMaheshwari (Ex-CPO at Flipkart), Deepak Anchala (Founder of Slintel), AakritVaish, (Founder of JioHaptik) and others also participated in this round.
The startup plans to use the funds towards building technical expertise in the team, developing the platform offering and setting up a business with reach across verticals such as electric mobility, agritech, drone tech, smart appliances, etc.
The Bengaluru-based Bytebeam was founded in 2019 by Gautam BT, Ravi Teja, and Bharadwaaj Ramakrishnan, It allows companies to manage all their IoT needs on a single platform.
Its platform allows customizable dashboards to analyze data and generate insights.
“Cloud services for IoT currently represents a $14 billion market opportunity growing at 48 percent CAGR. We are excited to capture a fair share of this massive market opportunity. Having marquee investors back us strengthens our belief in our product”, said, Gautam BT, CEO and Co-founder at Bytebeam.
“The engineering pedigree of the team coupled with the continued, excellent execution caught our attention and prompted us to partner with them”, said, Girish Mathrubootham, Founder of Freshworks & Co-founder at Together fund.
“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”, said, Prayank Swaroop, Partner at Accel.
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.”
Currently, Bytebeam works with 15 companies and aims to increase that number to 150 firms over the next 12 months and counts Micelio Motors, Exponent Energy and Matter Motor Works as its clients.
Earlier, the company had raised $250k in pre-seeds from Accel India.
Bytebeam is a one-stop cloud backend for all smart IoT devices. With Bytebeam users can set up their cloud within a few days and accelerate their product launches. Bytebeam will help store and collect data on the go, interact with devices, perform data Analytics, set alerts, send OTA updates, remote login and more.
The team at Bytebeam has a collective experience of 50+ years working on backend and cloud technologies for multiple startups & large enterprises. Bytebeam team members have led and scaled backend development at companies like Flipkart, Juspay, Intel, SanDisk and Bosch. The team last built the connected infrastructure for Ather Energy. Bytebeam is currently used by companies across new age high tech sectors & technology like: Electric Vehicles, Battery, Industrial IoT, Ocean tech, fintech, etc.