Amritsar, NFA Post: Power sector-focused technology company Harmonizer India has raised an undisclosed amount from former cricketer Kapil Dev.
Dev will be holding an undisclosed stake in the company’s artificial intelligence, machine learning and internet of things (IoT)-focused energy efficiency solutions technology, the company said in a statement.
“I have invested in Harmonizer India to support the Indian brainpower and technocrats who have done so well to acquire 14 patents,” Dev said.
The ace cricketer has been investing in startups since 2015, and he backs online grocer peopleeasy.com, online market network Wizcounsel, Samco Ventures, and cab aggregator Vaoo.
“The IoT market in India is poised to reach $15 billion by 2020, accounting for nearly 5% of the total global market. There are tremendous opportunities for further growth. Harmonizer is aiming to achieve a significant part of that pie,” Harmonizer India Chief Executive Officer Manoj Soni said.
Harmonizer India has a research and development unit in Bengaluru and will be filing for more patents on technologies such as artificial intelligence and machine learning for industries, Chief Technology Officer M.R. Srinivas said.