Metaform Ventures LLC (USA) and other angel investors from India invest INR 5 crore through equity and debt funding in Picostone.
Picostone Tech (P) Limited, a smart home automation startup, has announced that it has raised USD 803.2 K (INR 5 crore) from US based Metaform Ventures LLC. Headed by Nilesh Jain, this is Metaform Ventures third investment in India in the last one month.
Founded by Virang Jhaveri, Niket Sarvaiya and Priti Jain, Picostone is a home automation startup that focuses on affordable home automation solutions that are easy to install and use.
‘Our vision with Picostone is energy management through affordable home automation solutions’ said Virang Jhaveri.
Picostone products provide remote access and control of all home appliances like Air Conditioners, Television, Set-Top Box, Lights, Fans, Geysers, Motors and Curtains through their app and it can easily be integrated with Alexa and Google assistant to further enhance the experience. Picostone has tapped into the B2B and B2C segment with two products, Basic and Polar, and has a strong distribution network across 21 cities in India.
‘The focus is on building a robust software, hardware and integrated platform to manage energy resources that is accessible to average middle income homes across the globe, where energy savings matter the most’ added Mr. Jhaveri.
Speaking on the investment, Nilesh Jain informed ‘Picostone is working on developing cost effective technologies in the home automation space with a vision to provide solutions that are high on energy savings and are easy to install’.
‘Picostone has established a strong presence across major metros and Tier I locations in India through a strong distribution network and are successfully running pilots with leading developers to provide smart home automation solutions in under-construction projects’ added Mr. Jain.
The company plans to utilize the funds for further research and development to provide complete home automation solutions, recruiting workforce across departments and on promoting their products across its audience.
‘Within a period of one year, we have managed to provide automation solutions to over 1800 households in India’ said Niket Sarvaiya, Co-Founder of Picostone.
Metaform Ventures LLC invests in startups that can effectively leverage technology to simplify problem for scalability, accessibility and affordability. The investor group has funded startups like Clinivantage, Hey DeeDee, Actofit, Agilebots, Log9 Materials, Fitterfly, Exofit Sports amongst other startups and Z Nation Lab accelerator.