Bangalore: Exfinity Venture, Bangalore based early stage Venture Capital firm, backed by former Infosys veterans V. Balakrishnan and T.V. Mohandas Pai invests $1 million (Rs.6 crore) in Silicon Valley based software defined hardware startup LensBricks.
Founded in December 2013 by Rajeshwari Kannan (Head of Media Technologies Lab), Pranav Mishra (was part of Nokia Research Center, AMD and Analog Devices) and Ramesh Rasker (Assistant professor at MIT Media Labs), the tech startup, LensBricks develops smart sensing technology and consumer facing hardware. The startup has more than 40 years of experience in imaging technologies across healthcare, consumer and defense sectors.
LensBricks has developed a smart camera, which unlike CCTV cameras, yields specific feeds to users that need to be monitored incessantly. With the utilization of unique camera hardware and software solutions, the smart camera understands the scenes, records the memorable events, identifies the patterns and notifies the user.
Celebrating the event, Raji Kannan, Founder, LensBricks says “We are thrilled to partner with Exfinity Ventures. Together with North Bridge Venture Partners and Lux Capital, they have participated in seed round for 2 million USD. We are fortunate to leverage their deep understanding of global markets, technology trends and wide networks. It’s great to see India based VC firms like Exfinity forthcoming to invest in consumer hardware product start-ups and technology companies. This is exactly the kind of ecosystem we need to create to nurture innovation and entrepreneurship”.
“Driven by the passion of creating a new type of smart camera, the team is working towards creating a novel product solution that provides unique insights to customers. The team’s decades of collective experience in imaging leaves no one in doubt that they are well on the way towards making a far-reaching impact in the smart home segment”, said Shailesh Ghorpade, Managing Partner, Exfinity Ventures.
The two years old company, Exfinity Ventures focused on Technology Ventures is backed by leading professionals in investment management space and leading professionals in technology. Last year, the firm had invested $1million-$2 million in startups which are operating in the field of cloud computing, e-Commerce, analytics, application development, health care, education and many others.
LensBricks is its fourth investment and previously it invested in Bangalore based video streaming startup RiverSilica Technology, Virtual Power Systems and Artificial Intelligence and computer vision startup Mad Street.
Commenting on the investment, Balakrishnan V, Chairman of Exfinity Ventures, says “The goal of Exfinity Fund is to back strong promoters having ideas in deep technology space. We have always been quick to identify and collaborate with promoters to further ideas underpinning the latest technology. The recent investment in seed funding LensBricks follows the same pattern.”