Within a few days of purchasing a 14% stake in Altizon, a digital start up firm, for around $2.5 million, TVS Motor Company has made a second investment to the tune of $3.85 million in TagBox.
TagBox is a machine learning and supply chain IIoT company. The funds were raised as part of a Series A funding round, which was led by TVS Motor Company and TVS Motor (Singapore) Pte., which is TVS Motor Company’s Singapore-based subsidiary.
Mr. Rajesh Narasimhan, the Chief Executive Officer of TVS Motor (Singapore) and a board member of TVS Motor Company, said that the company evaluated a number of firms that provide IoT solutions in the logistics and supply chain space before deciding to make an investment in TagBox. He added that TVS Motor found TagBox’s solutions and product offerings to be a unique blend of close-loop artificial intelligence, machine learning, and IoT.
The current investment that was made in TagBox is likely to be part of the initial lot of investments that will be made by TVS Motor Company in strategically important online start ups. TagBox will be using the funds to strengthen its R&D and product innovation, while also expanding its international footprint. TagBox will also continue to make investments in its AssetLens and BoxLens platforms and develop new automation and predictive analysis solutions, which will solve different customer-use cases.
Source: The Times of India, Moneycontrol