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GVFL Ltd, a premier venture capital firm, has invested an undisclosed sum in a Series A funding in EroNkan Technologies.
The Ahmedabad-based EroNkan Technologies, with a product development centre in Bengaluru, provides infrastructure that enables IoT technology for applications across various industries and verticals. EroNkan provides tools, technology, consulting and insights into industrial processes, machine performance and shop floor dynamics for timely decisions to improve productivity, quality and availability across the organisation.
EroNkan provides solutions to food and beverages, pharmaceuticals and discrete manufacturing verticals.
It is led by Ketan Parekh, an IIM-Bangalore alumnus, and co-founded by team members from Stanford University and IIT-Madras, who bring complementary skill sets into the company, according to a GVFL press release here on Monday.
Capital infusion from GVFL will help EroNkan conduct research and trials required to develop the engine to amplify product upgradation and business development efforts. About their sixth investment from GVFL Startup Fund, Sanjay Randhar, Managing Director of GVFL, said EroNkan has the requisite expertise and insights to enable industries to adopt IoT and data automation technology to work towards setting up the Industry 4.0 standards.
GVFL Ltd was founded in 1990 at the initiative of World Bank with the Gujarat government as one of the first venture capital firms in India. Since then, it has supported ventures working on cutting edge of technology as well as entrepreneurs with innovative ideas and growth companies across sectors. GVFL has managed eight funds, invested in 91 companies and exited nearly 75 per cent with handsome returns to investors.
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