Industrial Deeptech IoT startup Datoms raises $1.2M led by YourNest Venture Capital

Datoms, an industrial deep-tech IoT startup that specializes in solutions for Original Equipment Manufacturers (OEMs) has raised $1.2 million in a pre-Series A funding round led by Yournest Venture Capital.

The startup counts RidikCapital PTE Ltd and notable angel investors Mohit Garg (founder of Mind-tickle and Oloid AI), Saroj Mishra (Co-founder Tazapay and Bayfront Capital Advisors), and Prateek Gera, as its early backers.

What does Datoms do?

Launched in 2021, the startup operates under Phoenix Robotix Pvt Ltd and was co-founded by Amiya Samantaray, Nataraj Sahoo, Amrit Biswal, and Asish Sahoo. Based in Bhubaneswar, Datoms has carved a niche in sectors like construction, warehousing, agriculture, mining, and ports. 

Datoms' primary goal is to enhance efficiency through automation in asset management and activity planning.

The startup, which claims that it works with over 100 customers globally, has pioneered a connected operations cloud. This innovative platform seamlessly integrates people, processes, and machine operations, offering a unified solution for businesses. 

It enables companies to streamline communication, simplify compliance procedures, manage fleets efficiently, and significantly reduce fuel expenses.

What is the purpose of fundraising?

Datoms plans to use the fresh funding to strengthen product offerings to build various use cases in the construction warehousing industry and will focus on enhancing in-house AI/ML capabilities and market expansion across India and the Middle East.

Amiya Samantaray, Datoms’ Co-founder and CEO said, “ Growing at a 15 per cent rate month-on-month, Datoms is building the future of connected operations from India for the world. The funding will strengthen our product offering and provide a massive opportunity for enterprises and equipment manufacturers in the distributed asset industry to ride the digitisation wave. We have so far connected over 5000 machines across sectors.”

Industry Outlook

The IoT Connected Machines market is booming. A report by Fortune Business Insights highlighted that the industry, valued at $128 billion in 2021, is projected to soar to $510 billion by 2030. Datoms aims to tap into this lucrative market, which is growing at a Compound Annual Growth Rate (CAGR) of 19.2%.