Bytebeam, a Bangalore-headquartered company that focuses on simplifying IoT product management, announced a seed round of $3 million from Together Fund, Accel and STRIVE VC. The round also saw participation from AdvantEdge VC backed by the Motherson Group, Phanindra Sama, Founder of Redbus, Tanmai Gopal, Co-founder of Hasura, Vimal Kumar, Founder of Juspay, Mekin Maheshwari, Ex-CPO at Flipkart, Deepak Anchala, Founder of Slintel, Aakrit Vaish, Founder of Jio Haptik, and other angel investors.
The funds raised will be deployed towards building technical expertise in the team, evolving the platform offering and establishing a business with reach across verticals like Electric mobility, agri tech, drone tech, smart appliances and more.
Bytebeam had earlier raised USD 250,000 in pre-seed from Accel India via the Atoms program. Atoms is a program by Accel India to support pre-seed startups with easy access to non-dilutive capital, mentorship from founders and operators, and a community to help them grow. Since then, Bytebeam has acquired users from the Indian mobility spaces such as batteries, EVs, charging infra, and more. Companies such as Exponent Energy, Matter Motor Works, and Micelio Motors are a part of their customer base.
“Cloud services for IoT currently represents a $14 Billion market opportunity growing at 48% CAGR,” says Gautam BT, CEO & Co-founder at Bytebeam. “We are excited to capture a fair share of this massive market opportunity. Having marquee investors back us strengthens our belief in our product,” he further added.
Girish Mathrubootham, Founder of Freshworks & Co-founder at Together fund, said, "The engineering pedigree of the team coupled with the continued, excellent execution caught our attention and prompted us to partner with them"
Prayank Swaroop, Partner at Accel said, "We are quite excited that Bytebeam which is an Accel Atoms' company is raising their next round, and that we are partnering with them in this round too. Bytebeam's backend as a service (BaaS) platform for IoT developers is a very exciting product, allowing IoT developers to focus on the business problem they are trying to solve, without worrying about maintaining a backend."
Nikhil Kapur, Partner at STRIVE said, "Bytebeam is perfectly poised to reimagine the end-to-end IoT backend architecture with an open-core approach allowing IoT developers to focus on what matters - making devices smart."