Bangalore, India-based B2B company ByteBeam raised USD 3 million in seed funding on May 12, 2022. Together Fund, Accel and STRIVE VC led the funding for ByteBeam. Meanwhile, the round saw participation from AdvantEdge VC backed by the Motherson Group; Phanindra Sama, Founder of Redbus; Tanmai Gopal, Co-founder of Hasura; Vimal Kumar, Founder of Juspay; Mekin Maheshwari, Ex-CPO at Flipkart; Deepak Anchala, Founder of Slintel; Aakrit Vaish, Founder of Jio Haptik; as well as other angel investors.
Purpose of Funding for ByteBeam
With the recent investment, ByteBeam will deploy its funds towards building technical expertise in the team. It will also focus on evolving the platform offerings. Moreover, the B2B startup will seek to establish its business with reach across verticals like electric mobility, agritech, drone tech, smart appliances, and more.
Earlier in October 2021, Bytebeam raised USD 250K in a Pre-Seed round from Accel India via its Atoms program. This program supports Pre-Seed startups with easy access to non-dilutive capital and mentorship from founders and operators to help them grow.
What the founders have to say
“Cloud services for IoT currently represent a USD 14 Billion market opportunity growing at 48% CAGR. We are excited to capture a fair share of this massive market opportunity. Having marquee investors back us strengthens our belief in our product,” said Gautam BT, CEO & Co-founder at Bytebeam.
What the investors have to say
Prayank Swaroop, Partner at Accel, said, “We are quite excited that Bytebeam, which is an Accel Atoms’ company, is raising their next round, and that we are partnering with them in this round too. Bytebeam’s backend as a service (BaaS) platform for IoT developers is a very exciting product, allowing IoT developers to focus on the business problem they are trying to solve without worrying about maintaining a backend.”
Girish Mathrubootham, Founder of Freshworks and Co-founder at Together fund, further said, “The engineering pedigree of the team coupled with the continued, excellent execution caught our attention and prompted us to partner with them.”
In addition, Nikhil Kapur, Partner at STRIVE, said, “Bytebeam is perfectly poised to reimagine the end-to-end IoT backend architecture with an open-core approach that allows IoT developers to focus on making devices smart.”
About ByteBeam
Gautam BT, Ravi Teja K, and Bharadwaaj Ramakrishnan co-founded ByteBeam in 2019. The B2B startup allows companies to manage all their IoT requirements on a single platform. It enables customisable dashboards to generate data analytics and insights. Moreover, with the click of a button, companies can roll out the air updates and bug fixes. In addition, the company has acquired users from Indian mobility spaces such as batteries, electric vehicles, and charging infra. Its clientele boast of companies such as Exponent Energy, Matter Motor Works, and Micelio Motors.
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