Kerala based AI start-up Tranzmeo gets a boost from Fortune500; Secures pre-seed investment
Kochi, December 26, 2018: Tranzmeo, a NASSCOM 10,000 Start- ups warehouse protégé has secured an undisclosed pre-seed round funding from Hindustan Petroleum Corporation Limited, India (HPCL) for its AI powered product, T-connect OneView. This marks the only AI start-up in the state to get PSU investment from a Fortune500. The start-up will be utilizing the funds to accelerate research and development of its advanced, proprietary technology and product line-up, bolster business development opportunities, and to double the company headcount over the next twelve months. HPCL will also be taking the start-up’s board seat as directors.
Founded in the year 2017, by engineer turned entrepreneur, Safil Sunny, Tranzmeo in the last one years has uniquely placed itself into the world of AI. Based on deep learning and other Artificial Intelligence (AI) technology, the start-up has developed ‘T-connect OneView’ a self-learning, data-driven, comprehensive Anomaly forensics application that runs on data streams to impact Energy industries. T-connect OneView streams through real-time machine data to learn machine behaviour and predict anomalies. The application is capable of classifying the kind of failure from the incoming data stream and generate alerts and alarm to the concerned authority.
Speaking on the investment, Mr. Sanjay Kumar -Chief General Business Development HPCL said, “Tranzmeo is a uniquely positioned technology company with significant growth opportunity. The team has developed an impressive product and we’re excited to be working together to scale the business.”
Speaking on the fund raise, Safil Sunny, Founder and CEO, Tranzmeo said “We live in the era where everything is driven by data. The old techniques of Calendar-Based Maintenance or Reactive Maintenance will never be sufficient for this competitive landscape. It's time to look forward to self-healing and auto fault detecting systems- It's time for Smart Industries”.
Tranzmeo has already launched a beta version of T- Connect and it currently analyses 508 KMs of HPCL’s petroleum pipeline for anomaly detection and prediction. The start-up has also rolled up its sleeves to on board more tech talent to speed up operations. In the next one year Tranzmeo plans to further strengthen its leadership team, improve customer experience of existing product line up and outgrow the start-up tag.