Chennai Angels backs home automation firm Silvan Innovation
Bangalore-based home automation solutions provider Silvan Innovation Labs Pvt Ltd has raised $500,000 (Rs 3.5 crore) in funding from The Chennai Angels.
The investment round was led by R Ramaraj, a senior advisor at Sequoia Capital who previously co-founded internet company Sify.
Silvan and The Chennai Angels didn't respond to emails and calls seeking details of the funding and what the company plans to do with the amount raised.
The Chennai Angels has invested a total of about Rs 30 crore in close to 40 startups. It typically invests between Rs 50 lakh and Rs 3 crore in a startup, according to its website.
This is the first equity investment in Silvan, according to a report in The Economic Times. The company plans to launch its products on e-commerce websites in next six to seven months, the report said.
Silvan was launched in 2008 and develops video surveillance, analytics and home automation solutions products. Its products have been used by companies such as Sobha, Brigade, Nambiar Builders, Total Environment, Tata Housing, and Lodha, according to Silvan's website.
The Chennai Angels, earlier known as Chennai Entrepreneurship Trust Fund, provides finance to early-stage technology-based companies in India.
It recently put an undisclosed amount in Brigge, an activity-based social network that allows users to discover people with similar interests. It earlier invested about Rs 6 crore in SaaS firm Cloudcherry Analytics Pvt Ltd.