Denvik Technology, a provider of cutting-edge IoT solutions, has raised a strategic investment round. The Chennai-based company’s investment round was led by CI Hub, a firm that invests growth capital in Indian companies to help them accelerate their global expansion.
The investment will be used by Denvik to expand their customer base for Industrial IoT solutions further in Europe and the MENA region (Middle East, North Africa), scale the team and accelerate market adoption of their latest IoT-driven smart solution for the global poultry farming market.
The market for IoT solutions is expected to grow rapidly over the next decade. The global IoT market is projected to grow from USD 478.36 billion in 2022 to USD 2,465.26 Billion by 2029 at a staggering CAGR of 26.5%.
Agriculture is expected to be one of the fastest growing sectors as IoT can be leveraged to help farmers improve profitability and increase operational efficiencies. With over a decade of expertise in building cutting-edge technology solutions, Denvik Technology is well positioned to help companies leverage the granular insights that will be available from connected smart devices.
Denvik Technology was founded in 2007 and has been building robust, market leading technology solutions for global corporations and startups for over 15 years. Their customers include global leaders in industrial and equipment automation in Europe and India. The team is especially passionate about leveraging technology to improve sustainability and help leave a better planet for future generations.
According to Syed Bukhari, Founder & Vice Chairman, Gibraltar Technologies; Founder Director, CIIC; Founder & Director, CI Hub,
“We are excited to invest in a deep-tech company like Denvik Technology with a proven track record of success. The team at Denvik have a wealth of experience in building and deploying cutting-edge, robust, easy to use IoT solutions. The global IoT market is a huge opportunity as enterprises of all sizes look to benefit from IoT technology. We believe that Denvik is uniquely positioned to grow and take advantage of this large addressable market.”
Mohammed Mohideen, Co-founder of Denvik Technology Private Limited said:
“We have been successfully delivering cutting-edge technology solutions for global clients for the last 15 years. With this strategic investment, we will be expanding further in key markets like the Middle East and Europe and establish near-shore offices to better service our clients there. We will also use the investment to accelerate sales and scale adoption of our latest product offering “Ornithon” which tackles the unmet needs of poultry farmers world-wide.”
Denvik Technology is incubated by the Crescent Innovation Incubation Council (CIIC), the incubation arm of Crescent Institute of Science and Technology. Two of Denvik’s co-founders are alumni of the Crescent Institute of Science and Technology.
Denvik’s latest proprietary product offering “Ornithon” is an IoT driven smart solution for helping poultry farmers world-wide improve profitability, operational efficiency and compliance. Their unique technology offering leapfrogs existing market solutions and provides modern day poultry farmers a significant competitive advantage.