Foxconn invests in home automation startup WiZN Systems
Home automation solutions maker WiZN Systems Pvt Ltd has raised an undisclosed amount in angel investment led by Taiwan-based Foxconn Technology Group, one of the world's largest contract electronics manufacturing firms, with participation from a bunch of angel investors, Amit Premy, CEO of WiZN Systems told Techcircle.in.
Kanwaljit Singh, founder of Fireside Ventures, was among the investors who participated in the round. Rahul Chowdhri, one of three partners who recently quit home-grown venture capital fund Helion Venture Partners, has joined the board as a non-executive director.
According to the terms of the deal, Foxconn, which makes iPhones for Apple Inc., will manufacture the initial set of hardware products for WiZN.
The development was first reported by The Economic Times.
WiZN Systems Pvt Ltd was founded by Premy, an IIT-Kanpur graduate, in 2014. Premy has worked with Cosmic Circuits and Texas Instruments in the past.
WiZN Systems' offers technology solutions for home automation. eGlu, a family of products powered by WiZN's technology, provides benefits such as security, convenience and energy savings to the home owners. It helps users control and monitor all the connected things at their home from anywhere using a smartphone.
Foxconn, officially known as Hon Hai Precision Industry Co Ltd, is the world's largest contract electronics manufacturer, and its clients include major American, European and Japanese electronics and IT companies such as Acer, Amazon, BlackBerry, Cisco, Dell, HP, Microsoft, Motorola Mobility, Nokia, Sony, Xiaomi and Nintendo.
The company also assembles the bulk of Apple's iPhones and iPads and has factories in Asia, Europe, Mexico and Brazil.
At an annual general meeting in early 2015, Foxconn founder Terry Gou had told shareholders that India is a key market for the group.
In November 2015, FIH Mobile Ltd, a subsidiary of Foxconn, had picked up 10 per cent stake in Noida-based MoMagic Technologies.
Helion Venture Partners' co-founder Kanwaljit Singh had recently re-joined as independent director on the boards of the VC firm's investee companies where he used to represent the firm. Singh had relinquished his board positions in companies he represented Helion following his exit from the VC firm early this year.