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Bengaluru-based B2B startup Bytebeam, which focuses on simplifying Internet of Things (IoT) products, has raised $3 Mn Seed funding 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, cofounder of Hasura; Vimal Kumar, founder of Juspay; Mekin Maheshwari, former CPO at Flipkart; Deepak Anchala, founder of Slintel; Aakrit Vaish, founder of Jio Haptik, among other angel investors. 

The funds raised will be used to build technical expertise, evolve the platform offering and establish a business with reach across verticals like electric mobility, agritech, dronetech, and smart appliances, the startup said in a statement. 

Bytebeam raised $250K in a Pre-Seed round in October 2021 from Accel India through its Atoms program. This program supports Pre-Seed startups with easy access to non-dilutive capital, mentorship from founders, and operators to help them grow. 

Founded in 2019 by Gautam BT, Ravi Teja K, and Bharadwaaj Ramakrishnan, Bytebeam has acquired users from the Indian mobility spaces such as batteries, electric vehicles and charging infra, among others. 

Companies such as Exponent Energy, Matter Motor Works, and Micelio Motors are a part of its customer base, it said.

“Cloud services for IoT currently represents a $14 Bn market opportunity growing at 48% CAGR,” said Gautam BT, CEO and cofounder, Bytebeam. 

Bytebeam allows companies to manage all their IoT requirements on a single platform. The platform allows for customisable dashboards to generate data analytics and insights. With the click of a button, companies can roll out the air updates and bug fixes. 

Bytebeam also facilitates data sync between devices and mobile applications via its mobile SDKs. The platform comes bundled with security and privacy features, including data encryption at the device level and role-based access control to prevent unauthorised access. 

According to the startup, the integrated approach makes it 10 times easier and faster for companies to develop smart intuitive products. It claims that companies can focus more on their core product development and customer experience, than on setting up in-house data engineering and backend teams using its product offerings. 

“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,” said Prayank Swaroop, partner at Accel.

Furthermore, IoT-based startups raising funds in the past months include communications and data analytics startup Probus Smart Solutions which secured a $500,000 bridge funding round led by Unicorn India Ventures last year.

Energy-efficiency-as-a-service startup Smart Joules last year raised $4.9 Mn in a Series A funding round from various investors. 

Last year, Tata Power and venture development platform Social Alpha announced an investment in industrial IoT startup URJA. 

Meanwhile, the Indian IoT market is expected to reach $9.28 Bn by 2025 from $4.98 Bn in 2020, driven by changes in enterprise behaviour triggered by the Covid-19 pandemic and verticals’ focus on automation are driving the market, according to an analysis by Frost & Sullivan.