The proceeds will be deployed for the complete commercialization, Certifications, Strengthening the tech and sales team.
B2B ESDM Startup TIEA, incubated at SID-IISc (Indian Institute of Science), has raised USD 267K in its angel round from ah! Ventures Angel Platform, TiE members and other marquee angels. TIEA makes connectors and contact solutions for EV and Consumer Electronics which are more sustainable in harsh environment conditions. This is ah! Ventures’ 97th investment (in 77 Startups) taking its total investment portfolio to INR 243 CR (~32 MN USD) with 11 exits and 20 follow on rounds till date. With 34 investments in 2021 till date ah! Ventures plans to do 40+ investments this year totalling to INR 150+ CR (~20MN USD).
According to the official statement, the proceeds will be deployed for the complete commercialization, Certifications, Strengthening the tech and sales team.
Founded in 2020 by Punit Joshi & Ajit PS, NIT & CET alumni, TIEA designs, develops and produce low voltage miniature electronic connectors and contact solutions. TIEA also provides its Platform as a Service (PaaS) to its B2B customers for design and development of precision engineering components. TIEA’s solutions are IP focussed, customized and economical. TIEA has 22+ potential paying customers in B2B automotive and consumer electronics segments.
“Despite all the challenges we faced during the early stages of the pandemic, we could validate our prototype and commercialize our solutions in record 8 months’ time and became revenue positive in 10 months. Our solutions are more sustainable in harsh environment conditions. Now there is a clear sign of revenue growth and obvious path way to profitability. This will further accelerate our overall efforts to achieve our vision.”, said Ajit, Co-Founder & CEO, TIEA.
Before this, TIEA was a part of the TIDE2.0 scaleup program by Ministry of Electronics (MeitY). Wireless Connectors & IPX9K connectors are the future focuses of TIEA.
“TIEA’s rapid prototyping and immediate market launch is remarkable. The start-up became revenue positive in record 10 months’ time and its customer base has a potential to meet TIEA’s upcoming 16month’s revenue targets, their current MRR and margins are quite promising. The Indian electronics system design and manufacturing (ESDM) industry is one of the fastest growing sectors in the country. The increasing demand for ESDM components, the need of IPX9K standard connectors in EV industry, ‘Local goes Global’ etc are going to propel the growth of TIEA.”, stated the lead investors.
“Indian market is dominated by foreign players but TIEA is giving indigenous options with proprietary technology resulting into localisation of the electronic industry and driving “Make in India” / “Atmanirbhar Bharat” vision. Further, Tie-up with Indian Institute of Science, Bangalore and Technology Development Board, Govt of India not only has given them access to R&D support but also has given them entry to Big Clientele viz. TATA, Mahindra, LT, ABB, Indian Railways, schneider, Bosch, etc. Major part of funds raised will be used for R&D and production technology.”, stated Ujwal Thombre, Venture Partner, ah! Ventures.
Source: Business World