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Smartron, a homegrown mobile firm, today said that it has acquired more than 60 percent stake for $1 million in Hyderabad-based IoT startup MiQasa that designs and develops a range of smart things for the home.
Mahesh Lingareddy, Founder and Chairman, Smartron said, "We want to be known as a company that is building a strong startup network in the country and collaborating with promising startups in different ways to deliver world-class products and solutions leveraging our tronX platform. We welcome MiQASA to the Smartron family and look forward to building TronX Things as a core part of the tronX ecosystem and tronifying homes across India for smarter living."
If you are not aware, the tronX and tronX Life is an ecosystem that connects a range of devices, sensors, and systems to the tronX core will offer highly intelligent, always evolving experiences and services. The services have further been initially targeted towards personal, home, health and infra verticals.
The company is also planning to release another $1 million to help MiQasa with brand promotion, sales, and customer care, a source close to the development said.
Santosh Kumar Patil, Founder and President at MiQASA Inc. said,"Smartron is the first Indian company building an AI-powered IoT platform in India and this partnership would definitely enable us to push the boundaries of AI and machine learning, thereby bringing in world-class solutions for smarter living in India."
Meanwhile, the IOT firm is all set to launch new products in January 2018.
"We will launching four products in January and it will be mobile, wearable, electric vehicle and computing." He said," We have made the big announcement of tronX' it is a big and massive software platform like Google and Amazon," Lingareddy recently shared with GizBot.
Smartron has invested almost Rs. 200 crores and is looking at furthering this investment to set up R&D, launch multiple products and partner with different companies to develop products and devices across various IoT verticals under tronX.