In a seed investment round co-led by 9 Unicorn and Venture Catalysts, controlZ secured $3 mn in a combination of debt and equity. The funds will be used to improve automation and create cutting-edge testing facilities for updating cellphones.
To further improve the standard of its goods and lower costs for its clients, controlZ stated that it intends to “strategically deploy” the cash infusion to spur expansion and introduce innovations in the entire ecosystem, as reported by ETTelecom.
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“With this development, we are certain about raising the overall industry standards, With these resources, we aim to further strengthen our technology by automating the complete renewal process. Our efforts are towards increasing the lifecycle of as many devices possible,” said Yug Bhatia, Founder and CEO of controlZ.
They prolong the device’s life cycle and considerably lower the carbon footprint of smartphone manufacture by concentrating on both aesthetic and functional renewal, which benefits the environment.
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“controlZ is making a massive impact on the environment by helping reduce e-waste in the $70 billion pre-owned smartphone segment. We expect controlZ to be a market leader in the segment in the next three years with their advanced facility for premium brands thus accelerating their positioning in this fast-growing sector while making an impactful environmental difference,” said Apoorva Ranjan Sharma, Cofounder and Managing Director, Venture Catalysts.
About controlZ
controlZ, a 2020 startup, is transforming the smartphone market. Their specialty is restoring used electronics to like-new condition by replacing individual parts.
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