CTE's Cambridge Innovations backs two US-based startups
Cambridge Innovations, the investment and technology platform of Cambridge Technology Enterprises Ltd (CTE), has invested an undisclosed amount of money in two US-based startups, EnerAllies and ComplyGlobal.
Cambridge Innovations, which was launched in December 2015, has earlier funded eight startups—RoadZen, Causemo, Authess, Mycrowd, PhotoKarma, Anthill Ventures, Valet Anywhere and Ourly.help. It had invested in Valet Anywhere and Ourly.help in April.
Hyderabad-based CTE is an IT services provider focused on the convergence of big data and cloud. It has offshore development offices in Bangalore and Hyderabad. Cambridge Innovations invests in early-stage ventures and helps them leverage technology, big data and machine learning to disrupt markets through the creation of efficient products and services, and helps them get to their Series A rounds faster.
CTE chairman Aashish Kalra said Cambridge Innovations will invest in about 50 companies by 2019 and will provide a mix of capital, people and technical knowledge to early-stage entrepreneurs. "We had a target to make 12 investments by March 2017 and we have already done 10," he added.
Kalra said that Cambridge Innovations is entering the Internet of Things (IoT) vertical with its investment in EnerAllies. The US company's software-centric IoT platform remotely controls and manages heating, ventilation and air conditioning systems to reduce energy and repair costs. The funding from Cambridge Innovations will help EnerAllies to scale up and meet increasing customer demand in the retail and restaurant chain sectors.
The other startup, ComplyGlobal Ltd, is a platform for organisations to manage their compliance requirements through the cloud. It allows finance and compliance professionals to track an organisation's corporate secretarial, tax, financial and human resource compliance requirements.
Cambridge Innovations will help ComplyGlobal develop new features and offerings for its SaaS-based compliance management platform.
Kishore Mirchandani, chairman and CEO of ComplyGlobal, said partnering with Cambridge Innovations is the first step in accelerating growth as a cloud-based compliance platform.
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