Bengaluru-based home-automation solutions firm Silvan Innovation Labs said it has raised â‚¹6 crore from early-stage, clean-tech focussed capital fund Infuse Ventures. Silvan also announced its foray into the consumer market with the launch of four wireless home-automation solutions aimed at home owners.
Recognised as Red Herringâ€™s top 100 Asian companies in 2011, Silvan raised â‚¹3.5 crore last December from Chennai Angels, and received a seed round of debt funding of â‚¹4 crore from the Department of Science and Technology, four years ago.
â€œFor the last five years, we have been in the builder-driven home-automation space, partnering with some of the top builders such as Total Environment, Sobha Developers, Prestige, Tata Housing, Lodha, Peninsula Group, NCC and Nambiar Builders to provide smart home solutions. We have completed 2,000 fully automated homes to date, work with 25 builders in Bengaluru and have 40 ongoing real estate projects,â€ said CEO Avinash K Gautam.
The company closed last fiscal with â‚¹8 crore revenue and is targeting â‚¹40 crore in FY 2017.
He said the fresh funding will be used to augment product offerings and strengthen marketing channels and reach. Silvan unveiled CBell, a Wi-Fi video doorbell which calls the ownerâ€™s phone when the doorbell is rung; Secure, an app-enabled security system; Lumos, a light-automation solution; and Zply, a digital music zoning system that streams and plays centrally stored music anywhere within the house.
These products can be accessed on the companyâ€™s website and will be available in 5,000 large and small retail formats across the country over the next six months. â€œThe â‚¹8,000-crore home-automation market is growing at a CAGR of 25 per cent. The products are wireless, can be retro-fitted easily and are user-friendly, catering to all age groups in a family as they can be operated manually as well,â€ said Shyam Menon, co-founder and Investment Director at Infuse Ventures.