IoT based startup TempoGo gets funded

By Raaghav G R

Posted on November 25, 2017

TempoGo is an IoT (Internet of Things) and Software-as-a-Service (SaaS) solutions provider for transport (including logistics) companies, headquartered in Goa. The startup announced yesterday (24/11/2017) that it has raised US $250,000 (Rs. 1.6 crores) from Javelin Startup-O Victory Fund, after winning an international startup competition held by Singapore-based investment platform, Startup-O. The Dubai – based VC firm, NB Ventures, is also reported to have participated in that round of funding. Including the investment from NB Ventures, TempoGo so far has raised more than US $1.35 million in that round of funding. Read more on IoT

TempoGo manufactures IoT based sensors that can be fitted on transport vehicles to monitor the vehicle’s location (using a GPS – based hardware unit in the sensor), the vehicle’s speed, the vehicle’s fuel consumption and it can also be used to monitor the temperature in refrigeration trucks. In short, all aspects of a transport vehicle’s behaviour can be monitored using TempoGo’s sensors.

“TempoGo has been revenue-positive since its inception and we’ve been growing our revenues 50 to 100% every month this financial year”, said Pranav Shirke, co-founder and chief operating officer (COO) of TempoGo.

“We expect to double it again within the next two quarters”, Pranav added.

TempoGo was mentored and incubated by the Goa-based incubation organization, Prototyze, which has also mentored and incubated other funded startups like the digital fitness platform MobieFit, the SaaS-based corporate training firm, HandyTrain and the financial technology company, Seynse.

“TempoGo is one of our earliest investments in the Indian market and adds a new dimension to our diversified portfolio that spans across Southeast Asia”, Steve Davies, chief executive officer (CEO) of Javelin Wealth, said.

The other transport/logistics startups that got funded this year (2017) include the logistics startup, Fortigo which raised US $10 million in Series A round of funding from Accel India Management Co. Pvt. Ltd. and Infosys co-founder, Nandan Nilekani during May, this year (2017). The logistics startup, Emiza Supply Chain Services, secured US $4.5 million in Series A round of funding from the Silicon Valley-based venture capital firm, Mayfield, during April, this year. The logistics startup, ElasticRun, secured US $7 million in Series A round of funding from Kalaari Capital and Norwest Venture Partners during April, this year. The logistics startup, Delhivery Pvt. Ltd., bagged US $100 million in Series B round of funding from Carlylr Asia Partners and Tiger Group during March, this year (2017), just to name a few. Read more on Startup News

IoT based startup TempoGo gets funded